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.
09/01/2014
We are listing a $5 credit report fee that is not charged nor collected as a credit on the GFE. If we do that then on the HUD-1 it is listed as a -$5 on line 802, we would not need to further disclose this same $5 as a POC in line 805, therefore leaving it totally off of our internal loan boarding data?
08/18/2014
We viewed the webinar All About Escrows the other day and today a rare question was asked. An escrow analysis was done in 2013 and escrows increased but the total monthly payment did not. There was glitch in our system and because the system recognized the increase of escrow it took a portion of the total monthly payment and applied it into the escrow account so that the correct amount was going in; however the amount being taken was being taken from what should have been going towards the principal. Can we take the amount out of the escrow account now almost a year later and put it towards the principal as it should have been and charge the shortage that would result in the escrow account to the customer over 24 month or does the bank take a loss?
06/23/2014
We are conducting an internal audit on RESPA. We have noted several variances on the HUDs with different processors. The section titled Loan terms at the end of the HUD that has information concering the rates and dates and payment dates on variable rate loans is filled out different with each processor. Is that something we need to correct and if so what is the best way to do this. Some are not filled in at all.
06/23/2014
Is there a compliance or regulation issue if the property tax disbursement on the Initial Escrow Disclosure Statement does not match the HUD?
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?
06/16/2014
Our loan originator submitted an application for a consumer to one lender which was approved. However, the consumer decided not to accept that loan but, working with the same loan originator, sought a loan with a different lender. Is this a completely new application with a new GFE?
06/09/2014
Does the homeownership counseling notice need to be provided on open-end home equity lines of credit? This is a RESPA requirement, and our HELOCs are not subject to RESPA.
05/26/2014
If we create an open house listing sheet and cobrand it with a realtor, would this be a RESPA violation if we, the lender, paid all costs for production of the flyer? A listing sheet includes the property address and some financing scenarios for the specific property.
05/19/2014
On the Exemption of Small Servicers here is the Reg I have found. Small Servicers (except, per 1024.41(j), small servicers may not file for foreclosure if borrower is performing pursuant to a loss mitigation agreement OR is 120 or fewer days delinquent), Reverse Mortgages, Qualified Lender. My question is it says we are exempt; however, if the borrower is performing their loss mitigation agreement we have to consider that before 120 days foreclosure. If we are exempt from Loss Mitigation how would the borrower even have a loss mitigation agreement in place? So maybe we really are not exempt from the Loss Mitigation Agreement?