Here's a link to the "closing script" for a fixed rate mortgage.

As a consumer, you do rely upon the professional at the closing table to assist you in understanding your loan documents and terms. Even if you have discussed these terms at length with your mortgage lender, you must still verify before signing that what you bargained for is what you are getting, right? That's what the "closing script" is all about.

Here's a link to the script.

The "closing script" is a key part of the proposed RESPA reform. It will become part of the HUD-1 form and actually must be read out loud at the closing by the closer at the table or the notary assisting you in signing. It's mandatory.

Why is the industry all up in arms about the script?

Some are offended. Some think it will take too much time. Some want to charge you more because they think the script is a hassle. Some don't think a closer should give the consumer so much information.

Isn't that a heap of hooey? I think these folks who object to the script are selfish or nuts or whiners or predators. I realize I am offending many in my business, but I am just sick over what has happened to the great business of real estate. This is my chosen career and the irresponsible masses that took control of it have done much harm to consumers and our economy. Many many many people are hurting because of this widespread irresponsible behavior.

Let's do what's right. Let's adjust disclosure so that consumers get good information in an easily understood format and in a way that is mandatory so that EVERYONE is safe.