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#1317283 - 01/04/10 09:35 PM
Re: RESPA changes 1-1-10
BFaith
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10K Club
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
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I see your concern then... I define "originated" as when the application was completed.
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#1317294 - 01/04/10 09:42 PM
Re: RESPA changes 1-1-10
#Just Jay
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Member
Joined: Jun 2009
Posts: 78
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I see your concern then... I define "originated" as when the application was completed. Hmm, never thought of it that way! Definitely makes more sense - thanks!
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#1317313 - 01/04/10 09:49 PM
Re: RESPA changes 1-1-10
ahkcompliance
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Power Poster
Joined: Feb 2005
Posts: 6,559
Foxboro
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If we estimate the settlement charges are available for 10 business days and if we are notified on day 15 XXX company raised their fees, can we redisclose the GFE or are we out the money? If the borrower did not express intent to proceed within the first 10 days, you are not bound to the first disclosure and can redisclose after that. If the borrower does intend to proceed, absent a change of circumstance you can not redisclose.
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#1317316 - 01/04/10 09:51 PM
Re: RESPA changes 1-1-10
TB 12
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Diamond Poster
Joined: Sep 2008
Posts: 2,481
Midwest
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If they do show intent within the 10 days, do we havea to give a new GFE with updated infor? or do we just give an new GFE with the rate is locked?
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#1317427 - 01/04/10 11:45 PM
Re: RESPA changes 1-1-10
ahkcompliance
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10K Club
Joined: Nov 2000
Posts: 18,765
Central City, NE
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If we estimate the settlement charges are available for 10 business days and if we are notified on day 15 XXX company raised their fees, can we redisclose the GFE or are we out the money? If the borrowers express an intent to proceed during the 10 days, you are "stuck" with the estimates you gave. If they don't express an intent to proceed until after 10 days, you can reissue a new GFE. If your providers raise their rates, you are stuck. I suggest you notify all providers that they must give you 60 days before raising rates.
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#1317438 - 01/04/10 11:56 PM
Re: RESPA changes 1-1-10
ahkcompliance
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10K Club
Joined: Nov 2000
Posts: 18,765
Central City, NE
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If they do show intent within the 10 days, do we havea to give a new GFE with updated infor? or do we just give an new GFE with the rate is locked? If they show intent, you just proceed with what you said. If/when they lock rates, you must provide a new GFE showing the locked rates/dates and you can change any interest dependent charges affected by the rate lock. You can't change any other fees.
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#1317638 - 01/05/10 03:18 PM
Re: RESPA changes 1-1-10
David Dickinson
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Junior Member
Joined: Sep 2005
Posts: 26
By the sea ...
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Ugh - I apologize as I know I am reverting to "New GFE-101" class with this question, but my mind is gone & I can't find a confirming answer in my search ...
Each revised GFE, issued due to changed circumstance or newly locked rate, must also be available for 10 days. Correct??
And, must the whole GFE be available again for 10-days, or just the revised terms triggered by the changed circumstance?
thanks for help!
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#1317759 - 01/05/10 04:58 PM
Re: RESPA changes 1-1-10
elliemae
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Gold Star
Joined: Feb 2005
Posts: 313
sd
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This may of been asked - but I can't find in the 156 pages!
Do we have to list our optional credit life provider on our service providers list?
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#1317779 - 01/05/10 05:09 PM
Re: RESPA changes 1-1-10
bstritecky
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Gold Star
Joined: Nov 2004
Posts: 313
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This may of been asked - but I can't find in the 156 pages!
Do we have to list our optional credit life provider on our service providers list? No - the optional services do not require a list of service providers. The customer can select anyone (or to decline the service), and it will be an unlimited tolerance.
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#1317820 - 01/05/10 05:25 PM
Re: RESPA changes 1-1-10
trout22
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Gold Star
Joined: Feb 2005
Posts: 313
sd
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#1317844 - 01/05/10 05:38 PM
Re: RESPA changes 1-1-10
trout22
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Junior Member
Joined: Dec 2008
Posts: 36
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New Question-(I think)
What if you have a customer come in and apply for $50,000.00 and we mail the early disclosures based on that loan amount and fees based on that. Then a week later the underwriter decides that he/she will only lend the borrower $25,000.00 because of a low beacon score or slow pays on credit. I don't think this is a "changed circumstance" so what do you do? Do we have no choice but to give the customer the $50,000 with the terms listed on the GFE or can we hope that the customer doesn't express intent to continue, wait 10 business days until the GFE expires and then issue a new one?
I've search the FAQ on the HUD site and the threads but didn't see anything, it seems like this is a bit of a pickle. Any guidance is appreciated.
Thanks!
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#1317877 - 01/05/10 05:55 PM
Re: RESPA changes 1-1-10
bstritecky
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Gold Star
Joined: Feb 2002
Posts: 319
NJ
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Can someone please tell me where the property search charge is stated on both the GFE and the HUD1A.
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#1317886 - 01/05/10 05:58 PM
Re: RESPA changes 1-1-10
Noogabanker
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Power Poster
Joined: Feb 2005
Posts: 6,559
Foxboro
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New Question-(I think)
What if you have a customer come in and apply for $50,000.00 and we mail the early disclosures based on that loan amount and fees based on that. Then a week later the underwriter decides that he/she will only lend the borrower $25,000.00 because of a low beacon score or slow pays on credit. I don't think this is a "changed circumstance" so what do you do? Do we have no choice but to give the customer the $50,000 with the terms listed on the GFE or can we hope that the customer doesn't express intent to continue, wait 10 business days until the GFE expires and then issue a new one?
I've search the FAQ on the HUD site and the threads but didn't see anything, it seems like this is a bit of a pickle. Any guidance is appreciated.
Thanks! IMHO, since the customer does not qualify for the loan amount requested, this would be a denial with a counter based on the new terms.
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#1317888 - 01/05/10 06:00 PM
Re: RESPA changes 1-1-10
Noogabanker
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100 Club
Joined: Jul 2008
Posts: 211
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Please Help!
On a loan with an origination fee and all other fees paid by the bank OUTSIDE OF CLOSING, I thought we still needed to show the total of all bank paid fees as a credit on line 2 of the GFE. Harland is indicating that since these fees are POC they do not show up as a credit on line 2. Is that correct? I am so confused!
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#1317903 - 01/05/10 06:05 PM
Re: RESPA changes 1-1-10
TB 12
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Junior Member
Joined: Dec 2008
Posts: 36
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New Question-(I think)
What if you have a customer come in and apply for $50,000.00 and we mail the early disclosures based on that loan amount and fees based on that. Then a week later the underwriter decides that he/she will only lend the borrower $25,000.00 because of a low beacon score or slow pays on credit. I don't think this is a "changed circumstance" so what do you do? Do we have no choice but to give the customer the $50,000 with the terms listed on the GFE or can we hope that the customer doesn't express intent to continue, wait 10 business days until the GFE expires and then issue a new one?
I've search the FAQ on the HUD site and the threads but didn't see anything, it seems like this is a bit of a pickle. Any guidance is appreciated.
Thanks! IMHO, since the customer does not qualify for the loan amount requested, this would be a denial with a counter based on the new terms. Ok, so would you send an adverse action to deny them for the $50,000.00 and then issue a new GFE?
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#1317939 - 01/05/10 06:35 PM
Re: RESPA changes 1-1-10
elliemae
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10K Club
Joined: Nov 2000
Posts: 18,765
Central City, NE
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Each revised GFE, issued due to changed circumstance or newly locked rate, must also be available for 10 days. Correct??
And, must the whole GFE be available again for 10-days, or just the revised terms triggered by the changed circumstance? Each time you issue a GFE, it (the entire thing) must be available for 10 business days.
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#1317944 - 01/05/10 06:40 PM
Re: RESPA changes 1-1-10
Noogabanker
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10K Club
Joined: Nov 2000
Posts: 18,765
Central City, NE
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Ok, so would you send an adverse action to deny them for the $50,000.00 and then issue a new GFE? Two options: 1. Deny them for the $50M and ask them if they want to reapply for $25M. If they do, issue a GFE representing the new loan amount. 2. Counteroffer them with $25M. If they accept the counteroffer, issue a new GFE representing the new loan amount.
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#1317946 - 01/05/10 06:40 PM
Re: RESPA changes 1-1-10
Truffle Royale
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Gold Star
Joined: Feb 2002
Posts: 319
NJ
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From what I understand, the property search (or report) is ordered by the loan department on home equity products; the report consists of checks for any related mortgages/deeds, outstanding liens, last owner and current assessments.
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#1317947 - 01/05/10 06:40 PM
Re: RESPA changes 1-1-10
David Dickinson
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10K Club
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
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Just want to get confirmation on this:
GFE may only be on letter size paper?
HUD may be on either as it is allowed to change?
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#1317996 - 01/05/10 07:09 PM
Re: RESPA changes 1-1-10
Truffle Royale
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Gold Star
Joined: Feb 2002
Posts: 319
NJ
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Ok.. "IN" the 1100 series. The fee gets thrown into 1100, but is "Property Report by QRP Company" itemized on 1109 then?
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#1317998 - 01/05/10 07:09 PM
Re: RESPA changes 1-1-10
Mrs. Rizzo
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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Just want to get confirmation on this:
GFE may only be on letter size paper?
HUD may be on either as it is allowed to change? Riz, this is my opinion on the paper size of the GFE. I know there is not a font requirement and you can add to lines 3, 6 and 11. I would think it's more important that the content of each individual page doesn't alter...SO, when you think about it that way, if adding to the above lines causes it to "fall over" to another page if you keep it letter, would make me think the lesser of the evils would be to put in on legal and keep the content Page specific. Anyone who want to think through this differently, please speak up!
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#1318091 - 01/05/10 07:45 PM
Re: RESPA changes 1-1-10
RR Joker
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Gold Star
Joined: Oct 2009
Posts: 270
State of Confusion
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I'm hoping some folks will give me their feedback, thoughts etc.
My question involves subordinations - let's say the borrower wants to subordinate an existing second to our new first. Lender XYZ who holds the second charges $300 to do the transaction. My argument is that their fee does not go on my GFE because it is a separate transaction not related to my new mortgage - I only want to be in first lien position.
Does the situation change if a different department of my company charges the fee? Should I disclose the subordination fee that the other department is charging?
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