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#1298787 - 12/04/09 03:17 PM
Re: RESPA changes 1-1-10
Truffle Royale
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Diamond Poster
Joined: Mar 2002
Posts: 2,283
Far from Calif
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Just saw this today. Did anyone listen to yesterday's presentation? Are these all going to address different topics? I really haven't time to listen to all five of them! I was kind of wondering the same thing. Also wondering how you access the "live online presentation" or even the recording of it. I don't see in the press release where the instructions are, and none of them are listed on the Webcast page of HUD's website.
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#1298790 - 12/04/09 03:20 PM
Re: RESPA changes 1-1-10
RR Joker
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100 Club
Joined: Mar 2007
Posts: 137
Nebraska
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ForceFull1,
You will choose option #1, since you know the institution will be eating the fee prior to issuing the GFE. I still have problems with that issue of the credit bureau fee- we don't waive it, we never charged the customer for it ever- I would not say the bank eats the fee- I'd say we pay the bill at the end of the month. I don't see how you should put a fee down when you never ever charged a borrower for it. It's not a hidden fee, it's not combined with any other fee either. Doesn't make sense to me at all. pjs, I have the very same problem and have had forEVER. We don't know the charge until we get the bill which is often WAY after closing. It's always been a problem. Not a problem on secondary market, but is a problem for our in-house loans, mortgage or otherwise. The ONLY thing I can think of to do (but haven't done it yet) is use "average charge" for that fee and show an "average credit"...it's not going to affect the borrower one way or the other. My other choice is to continue ignoring it all together.  Remember the settlement agent shall complete the HUD to itemize all charges upon the borrower and the seller by the lender....whether to be paid at settlement or outside of settlement...... If the bank is paying the bill at the end of the month or on each loan. It is still waiving, eating, or paying this fee for the customer. Even with todays rules it should be listed as "POC" if that is the banks practice. As far as not knowing the actual charge, you hit it on the head! I think we will be seeing more banks start utilizing the average charge method.
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#1298800 - 12/04/09 03:23 PM
Re: RESPA changes 1-1-10
ImGoinNuts
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100 Club
Joined: Mar 2007
Posts: 137
Nebraska
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I'm sure this is a crazy question and I'm probably overthinking this - but on the HUD FAQ's - there is a question on the P.O.C.'s (which no longer exists on the GFE)- and the answer included the statement "The standardized GFE form does not allow information to be included on any part of those totals that would be paid outside of closing. Such information would not help borrowers to shop for loans and would not facilitate comparison of the charges on the GFE with the charges on the HUD-1."
So my question is - if it is P.O.C. (for example, homeowner's insurance on a refi) - do we not include the amount at all on the GFE?
I think I need to go back to the beginning and start over... The GFE will need to include an estimate of charges (estimate...thats a laugh) that the borrower will "likely to incur". The insurance will need to be on the GFE,then listed as POC on the settlement statement.
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#1298864 - 12/04/09 03:48 PM
Re: RESPA changes 1-1-10
Reads Regs
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Power Poster
Joined: Nov 2006
Posts: 3,261
Tiger's Den!
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it must be an age thing....I went to the link, and read the press release. My question is....how do I go about viewing a session? I went to HUD's website, and there is nothing there about a webcast for RESPA. Anyone know how to access it?
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#1298936 - 12/04/09 04:28 PM
Re: RESPA changes 1-1-10
TINKerBell
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100 Club
Joined: Jul 2008
Posts: 211
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Can someone clear this up for me? I have a question pertaining to loans with real estate collateral and additional collateral such as a car or a recreational vehicle. If we are providing a hud-1 or hud-1A settlement statement to the borrower, would we also list the UCC filing fee and or the Secured Title fee for the car/rv on the settlement statement as well? What about VSI? If they should be on the HUD-1 could you tell me on what lines? Thank you!!
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#1298995 - 12/04/09 05:10 PM
Re: RESPA changes 1-1-10
Cloud9
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Diamond Poster
Joined: Nov 2004
Posts: 1,005
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On the GFE, blocks 9 and 11. If this is a purchase and we require 1 years homeowners paid by borrower upfront and they want to escrow for future payments, would we would include the annaul cost of homeonwers in block 11 and 3 months worth (if that is what our escrow requires) included in block 9?
What about for a refinance? If they borrower already has insurance but wants to escrow on the new loan - do we still list fee for 1 year of insu on block 11?
When these flow over to the HUD and we complete lines 903 and 1002 - are we placing the fees in both areas? that seems to me like we are double listing the fee.
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#1299053 - 12/04/09 05:42 PM
Re: RESPA changes 1-1-10
river girl
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10K Club
Joined: Nov 2000
Posts: 18,765
Central City, NE
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On the GFE, blocks 9 and 11. If this is a purchase and we require 1 years homeowners paid by borrower upfront and they want to escrow for future payments, would we would include the annaul cost of homeonwers in block 11 and 3 months worth (if that is what our escrow requires) included in block 9? You would include the annual cost in Block 11. You would calculate the opening deposit (using an aggregate analysis) for Block 9. What about for a refinance? If they borrower already has insurance but wants to escrow on the new loan - do we still list fee for 1 year of insu on block 11? Yes. Because you require insurance to be paid to make a home loan, you must list the insurance in Block 11. When these flow over to the HUD and we complete lines 903 and 1002 - are we placing the fees in both areas? that seems to me like we are double listing the fee. Line 903 would be the cross over from Block 11. The 1000 series would be the Block 9 amount. It isn't doubling up. It's showing what you need to close the loan (Block 11 - 903) and what you need to establish the escrow for next year's payment (Block 9 - 1001).
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#1299065 - 12/04/09 05:58 PM
RESPA "Plain English" Hud's PP
CalifDreamin
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Diamond Poster
Joined: Sep 2002
Posts: 1,117
On the road...
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RESPA Plain English HUD PowerPoint I just found this on Hud's website. It is the slides from yesterday's first Plain English Webcast.
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#1299101 - 12/04/09 06:24 PM
Re: RESPA "Plain English" Hud's PP
Patsy Cline
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Diamond Poster
Joined: Nov 2004
Posts: 2,310
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Thank you!! Now we need them to post the archive of yesterday's web cast.
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Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.
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#1299147 - 12/04/09 06:51 PM
Re: RESPA changes 1-1-10
David Dickinson
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Gold Star
Joined: Oct 2009
Posts: 270
State of Confusion
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What about for a refinance? If they borrower already has insurance but wants to escrow on the new loan - do we still list fee for 1 year of insu on block 11? Yes. Because you require insurance to be paid to make a home loan, you must list the insurance in Block 11. That doesn't make sense to me - there is no premium due. To include one in Block 11 implies that the applicants will be paying that at closing. (Not that anything about this rule makes sense) We will not be displaying the premium at closing... When these flow over to the HUD and we complete lines 903 and 1002 - are we placing the fees in both areas? that seems to me like we are double listing the fee. Line 903 would be the cross over from Block 11. The 1000 series would be the Block 9 amount. It isn't doubling up. It's showing what you need to close the loan (Block 11 - 903) and what you need to establish the escrow for next year's payment (Block 9 - 1001). [/quote]
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#1299174 - 12/04/09 07:03 PM
Re: RESPA changes 1-1-10
Cowboys Fan
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Power Poster
Joined: Aug 2001
Posts: 7,369
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Q and A Use the same sign on that you used for the Webinar and the Q and A is at the top. The webinar is no longer in the list. David, how can I obtain a copy?
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#1299303 - 12/04/09 08:25 PM
Re: RESPA changes 1-1-10
Cloud9
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100 Club
Joined: Jul 2008
Posts: 211
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Can someone clear this up for me? I have a question pertaining to loans with real estate collateral and additional collateral such as a car or a recreational vehicle. If we are providing a hud-1 or hud-1A settlement statement to the borrower, would we also list the UCC filing fee and or the Secured Title fee for the car/rv on the settlement statement as well? What about VSI? If they should be on the HUD-1 could you tell me on what lines? Thank you!! Anyone? Please?
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#1299330 - 12/04/09 08:45 PM
Re: RESPA "Plain English" Hud's PP
David Dickinson
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Gold Star
Joined: Apr 2003
Posts: 382
Way Out West
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David,
What else can you expect from DUH!!!!!
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#1299352 - 12/04/09 08:57 PM
Re: RESPA changes 1-1-10
Mr. E.
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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I just reviewed HUD's RESPA training Powerpoint presentation. I'm a little concerned. In the Wholesale origination charges section of the examples, I don't think that they are expressing the YSP properly. I thought that we included the YSP in box 1 and backed it out in box 2.2.The Hud example does not appear to be including the YSP in the Origination charges. Is this correct? (I hope not) Think about it. Hud's intent for YSP is for all of it to go to the borrower, after all it's THEY that are buying their rate up...so I wouldn't imagine them doing it any other way.
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#1299363 - 12/04/09 09:03 PM
Re: RESPA changes 1-1-10
Cloud9
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Platinum Poster
Joined: Aug 2005
Posts: 914
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I looked at the HUD Plain English slides and do I understand this correctly? It says we have to redisclose the GFE at the time we rate lock? What dates do you then "update" in the Important Dates section? Do they mean the 10 days?
Last edited by Sage; 12/04/09 09:26 PM. Reason: typo
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#1299379 - 12/04/09 09:18 PM
Re: RESPA changes 1-1-10
Sage
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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Without looking, I would imagine they mean how long the lock is good for and change 4 to NA.
Last edited by RR joker; 12/04/09 09:20 PM.
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My opinion only. Not legal advice.
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#1299653 - 12/06/09 01:30 PM
Re: RESPA "Plain English" Hud's PP
Sheldon Hendrix
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10K Club
Joined: Jul 2001
Posts: 84,510
Galveston, TX
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There is no sign up required.
Q. I heard a webcast has been scheduled but I don't see it listed on your website.
Answer:Notices of upcoming webcasts usually appear on the webcast schedule about one week before they air. Live links for the show appear about 30 minutes before the show starts.
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