03/12/2007
The HUD Mortgagee Letter 2006-08 states that notice of servicemembers rights must "Be sent to all homeowners who are in default on a residential mortgage." Does this mean notices are to be sent to servicemembers only who are in default or does it require the bank to send notices to all homeowners in default regardless if they are servicemembers or not?
01/15/2007
Where I can find a good summary of all the regulations which retail banks are required to comply with and the cost related to compliance?
11/20/2006
We are trying to comply with the FDIC SCANS bulletin # Chiro-04-2001 however we are having difficulty finding clarification as to exactly what is required. The FDIC is citing violations for the lack of disclosure of hazard insurance and taxes on GFEs and HUD-1 in a second lien and/or refinance transactions where adequate coverage is already in place and the bank does not require additional coverage or escrow for these items. The bulletin states that if the bank requires these items to be in place, they must be disclosed on both the GFE and the HUD-1 as paid outside of closing (POC). My first question is does the requirement apply to both hazard insurance and taxes? And secondly how are these items disclosed on the GFE and HUD-1, (i.e., are estimates based on current year totals divided by 12 months acceptable)?
06/26/2006
Regarding Paid Outside Closing fees (POC) on a HUD settlement statement, if the fee is listed as POC on the HUD settlement can it be included in prepaid finance charges? I came across a HUD with POC listed after a credit report fee and flood certification fee, but the fee is included in prepaid finance charges.
06/12/2006
Where would I find the verbiage in the RESPA guidelines that indicates that a First mortgage loan file only needs to document that the customer was provided the RESPA Servicing Disclosure within 3 days of application, and that the lender does not have to have it signed by the customer in order to close?
05/08/2006
I received an email from another compliance source stating the Servicing Transfer Disclosure that lenders provide, at the time of application, to applicants for a RESPA covered first mortgage is no longer necessary. It also stated there is an alternative disclosure that is easier. Could you give me some insight on this? I haven't been able to find this information anywhere else.
03/13/2006
I have a HMDA loan on a mobile home where the title is being retired. The title is being retired because the mobile home is now permanently affixed to the property and will be classified as a 1-4 family dwelling. I need to know how to classify this loan for HMDA: 1-4 family dwelling or Mobile home? Also, I was wondering where I could find some literature on the retirement of a title.
03/06/2006
A person is purchasing a mobile home as their primary residence. The home is being used as collateral. The property it is sitting on is leased, not owned. This is HMDA reportable. My question is: Is it RESPA?, is it necessary to give the early disclosures? I researched your site and found the RESPA basic quiz. Question 6, which is similar to our question, states that it is NOT RESPA. However, I received an email from hsg-respa@hud.gov stating that the disclosures should be sent out, and that it is still a mortgage transaction on the mobile home making it RESPA.
02/27/2006
We are looking into setting up a referral arrangement, with a local mortgage company, on referring residential mortgages for a piece of the yield spread. Does this need to be a disclosure on the HUD-1 form? Or is there another way to handle this?
02/27/2006
RESPA - in the answer by Dan Persfull to a question about RESPA forms, he mentions a short form Servicing Disclosure statement. I am aware that several years ago this was proposed, but I did not see a final rule come through the Federal Register. Could Mr. Persfull please provide the cite for the use of the short form disclosure?