05/25/2015
Where do you put the fee on the GFE and HUD for e-filing a mortgage? I read commentary that it should go in the 1100 series but that seems odd if it is a HUD1-A.
06/16/2014
Our bank is financing the purchase of a home. Buyers are currently renters and are now purchasing from the estate. Buyers do not have the required 20% down payment so they are entering into a second mortgage loan with the Sellers/Estate.
The initial disclosures did not mention the $30.00 mortgage recording fee for the mortgage the Buyers and Sellers will have between them.
Do we have to re-disclose because we did not list the private party loan expenses?
06/10/2013
My question revolves around SCRA. It is my understanding the HUD disclosure is required within 45 days to all borrowers. In discussing this requirement, our attorneys are giving me grief stating the language is only required in their demand letters, that the actual HUD form is not required. Is this the case?
04/29/2013
The tax stamps amount changed on the initial GFE because the Lender did not carefully read the P & S, so the lender did a change circumstance, so she could change the fee for the state tax stamps. Is this allowed?
04/15/2013
What is the date of the revised copy of the CHARM booklet and the HUD booklet?
06/11/2012
During the processing of a real estate closing, the payoff must be wired to another financial institution. On what line of the HUD should the charge for the wire be placed?
04/23/2012
In Settlement Statement (HUD-1A), Secion 804 Appraisal fee Question. Normally, lenders receive appraisal fees at the loan application. In Good Faith, the fee will be disclosed. What is the proper method in recording the appraisal fee in the HUD-1 OR HUD-1A? Is it correct to record "the fee to ABC Appraisal Co in Section 804 as P.O.C." and in Comparison of Good Faith Estimates (GFE) and HUD-1A Charges, to record the fee in Good Faith Estimate and HUD-1A, althought the automatic software will not record the fee in HUD-1A)?
04/09/2012
On purchase transactions where the seller picks the title company (and the borrower and lender have no say in it) if the title fees shown on the final HUD differs from the GFE, is the lender responsible for a tolerance violation and required to pay the difference to the Borrower?
02/13/2012
While performing a recent RESPA audit we came across several GFEs that had dates or amounts crossed out. For example, the date in line 2 of the important dates did not disclose 10 business days. The Loan Officer crossed out wrong date and hand wrote correct date. The corrections were then initialed by the borrower. Since making a data entry error or other mistake doesn't qualify for a changed circumstance, this was a way for the Loan Officer to correct the GFE. Is this an acceptable way to correct a GFE? I was under the impression that no altering of any kind should be done.
02/13/2012
When completing the HUD 1, do you have to list out in the charges that can change section items that the title company have added to the HUD (HOA Dues/Survey/Water Test)? These items were not known at Application/GFE disclosure time