07/09/2007
We are doing a loan with the purpose of "finishing the construction of a new personal residence". Our collateral is rental property that we will either be doing an advance on or a 2nd D/T on. Is this RESPA? Do we need a Good Faith Estimate, Servicing Disclosures, etc.?
05/28/2007
Is the Truth in Lending Disclosure a mandatory early disclosure in addition to the Special Information booklet, Good Faith Estimate and the Mortgage Servicing Disclosure?
01/16/2006
I've been constantly running into a "You are not in compliance" issue in the company where I started working recently. Let's say I sent the application package to my client dated 12/01/2004. The client send the signed and dated package back one month later. My processor is insisting that the client should've dated it within 3 days. Otherwise, it's not in compliance. I think it does not make sense. If I send the package by regular mail it can take 5 days to deliver it, not to mention that the client may not sign it right away, and then it will take another 5 days to get the package. Please explain this 3 days compliance thing. I don't think my processor is interpreting it correctly.
09/01/2005
Several years ago, HUD published a proposal to revise the Good Faith Estimate required by RESPA. The proposed changes were significant.
09/01/2005
Question: I have heard you say that there is something in the Federal Register that states that the Servicing Transfer Notice that we provide to mortgage applicants can now be a sh
07/18/2005
I am a Mortgage Broker. I was referred to this web site from the Department of Real Estate. I needed to know what forms are included in the "RESPA" Disclosures to keep us in compliance.
05/23/2005
Could you please tell me the criteria for the estimated truth in lending and good faith estimate and when it is required and when it is not?
05/23/2005
The question was previously asked "Does a Good Faith Estimate need to be provided if a loan is closed within 3 days of application?" Guru David Dickinson replied "Yes. There is no exemption from the GFE requirement if the loan closed early." Our Compliance Officer states this is not accurate; if closed or denied within 3 days no GFE needs to be given.Who is correct?
01/01/2005
Question: We originate investor mortgages on 1-4 unit owner occupied properties. One of our investors is asking for a Good Faith Estimate within 3 days of the Credit Report.
10/01/2004
Question: Does the Good Faith Estimate have to match the HUD-1? We have been told by someone that if the GFE is more than $100 different from the HUD-1, it is a violation.