05/17/2004
Do fees waived or paid by an institution need to be disclosed on the Good Faith Estimate and the HUD-1 form? </strong>
04/19/2004
I'm in the process of completing an audit of the Fair Housing Act for a national bank. The OCC requires that "each bank shall attempt to obtain all of the information below." It then goes on to require a considerable amount of information in excess of the traditional government monitoring information (race, ethnicity, sex, marital status, and age). Is all of this information required to be on the application? Will the information (such as amount requested, interest rate requested, # of months to maturity, and proposed monthly payment) being in the loan file on some other document suffice? Also, does the fact that the application is partially completed suffice for compliance with the regulation for "attempting to obtain" the information?
03/23/2004
Housing and Urban Development Acting Secretary Alphonso Jackson withdrew from consideration the proposed final rule that would have dramatically revised the Real Estate Settlement Procedures Act.
03/15/2004
As far as the Good Faith Estimate is concerned under RESPA, it is my understanding as long as you can document you have given the customer a copy of the Good Faith, you do not need their signature. How about the HUD1 or HUD1A Settlement Statement?
01/19/2004
What required disclosures to you need on a HELOC ifthe main purpose of the loan is to purchase the borrowers' house? They are only asking for $40,000.00? Do you need an early truth in lending disclosure or early good faith estimate and any other early disclosures?
01/01/2004
It is old news that HUD wants to make major changes to the real estate settlement process.
01/01/2004
At this time of year, we are called upon to make resolutions directed at self improvement.
06/09/2003
An OCC examiner recently cited our bank for not disclosing a coupon book company as a required provider of settlement services on the Good Faith Estimate form (which has the required provider information at the bottom of the form). I was under the impression that a financial institution should disclose only those service provider companies that were required in the origination, processing, or funding of the loan. The coupon book is required for the servicing of the loan, which, in essence, is not a settlement service. The coupon book fee that our bank charges is disclosed as a prepaid finance charge under TILA. It is a fee that our bank charges to offset the cost of the production of the coupon book for installment loans. This fee could very well be incorporated into our loan fee with an increase for the cost of the coupon book, but we choose to charge the customer separately for a loan fee and a coupon book fee. The coupon book fee is $10.00, and we disclose the fee on the Good Faith Estimate and the HUD1 or HUD1A, since all costs to the borrower must be disclosed. Should we be itemizing the coupon book company as a required provider?
03/01/2003
Question: Most of the HUD-1 forms that we see have signature lines. Is it a requirement to have the borrowers sign the HUD-1? What about the sellers?
10/14/2002
If we show an item as POC on the good faith estimate, is it required to be listed on the TIL? If so, is it listed in the other charges paid in cash field or where would it need to show up