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#1319559 - 01/07/10 02:51 PM
Re: RESPA changes 1-1-10
rlcarey
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Up North
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I apologize if this question has already been asked and answered. Prior to the changes, when we input the origination charge into our loan system for 1098 reporting we entered only our origination fee (not including underwriting, processing, applications fees, etc). We're just a little confused on what to do now. Do we enter the bundled amount from the GFE or just pull out the true origination fee?
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#1319598 - 01/07/10 03:15 PM
Re: RESPA changes 1-1-10
RR Sarah
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Posts: 84,498
Galveston, TX
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Any points reported on the 1098 would have to meet the IRS regulations, i.e., a percentage of the loan amount. So, if your orignation fee is a flat amount it wouldn't qualify now. Nothing has changed as far as points reporting for 1098 purposes.
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#1319660 - 01/07/10 03:41 PM
Re: RESPA changes 1-1-10
rlcarey
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Up North
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Thanks Randy!
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#1319661 - 01/07/10 03:41 PM
Re: RESPA changes 1-1-10
rlcarey
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Junior Member
Joined: Jul 2009
Posts: 42
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We do not require OTI. Obviously we will quote OTI on the GFE for a purchase but had not planned to on other transactions. If the customer chooses to add OTI after a GFE is issued on a refinance, do we need to redisclose and add to the GFE even though this is not something we require to do the loan?
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#1320075 - 01/07/10 07:14 PM
Re: RESPA changes 1-1-10
Brooks1435
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Member
Joined: Jan 2009
Posts: 75
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Forgive me if this has been asked before. On the GFE where it asks the originator, do we have to put the Main Office even though it is at a branch? It has been said that HUD said yes, it must be main office but I do not see where that is in writing? Basically, by putting the main office on the GFE in our software, it is causing problems with the rest of the documents.
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#1320116 - 01/07/10 07:28 PM
Re: RESPA changes 1-1-10
comp123
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The Swamp
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I have seen nothing that makes a distinction on the actual address. It states it must have the business name, and not just the originator's name, but could include both. It does not specifically state only the main office address can be used.
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#1320121 - 01/07/10 07:31 PM
Re: RESPA changes 1-1-10
RR Joker
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OK
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Must there be an entry in block 10 on the GFE?
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#1320160 - 01/07/10 07:45 PM
Re: RESPA changes 1-1-10
raitchjay
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Posts: 10,321
oHiO
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Must there be an entry in block 10 on the GFE? We don't on in house loans but loans we sell to will have the odd days interest.
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#1320176 - 01/07/10 07:49 PM
Re: RESPA changes 1-1-10
pjs
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OK
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Ok...same here...just confirming my thinking. Thank you.
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#1320180 - 01/07/10 07:52 PM
Re: RESPA changes 1-1-10
raitchjay
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Posts: 9,234
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Is there a way to save particular parts of this thread that you want to refer back to later? i find it nearly impossible to search back thru this for reference purposes....
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#1320317 - 01/07/10 08:53 PM
Re: RESPA changes 1-1-10
raitchjay
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Posts: 20,656
The Swamp
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cut/paste/put in a word doc (my best suggestion)
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#1320522 - 01/07/10 11:11 PM
Re: RESPA changes 1-1-10
RR Joker
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New Poster
Joined: Jun 2008
Posts: 6
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Does anyone know how to handle the addition of a co-borrower after the original GFE has been sent out to the primary borrower with just the primary borrowers name on it? Is it OK to issue a new GFE when we add a co-borrower? Is that an allowed "changed circumstance"?
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#1320645 - 01/08/10 01:38 PM
Re: RESPA changes 1-1-10
RR Joker
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100 Club
Joined: Jul 2007
Posts: 129
Tulsa, Oklahoma
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Is anyone out there using LaserPro that can help me? I am trying to figure out how the software is calculating the payment on a 9 month variable rate interest only advancing construction loan. The full loan amount is $266,400. The initial interest rate is 5.5%. LaserPro is calculating an initial payment of $561.99. I can't seem to get that payment regardless of how I try to figure it.
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#1320657 - 01/08/10 01:48 PM
Re: RESPA changes 1-1-10
Carter's Mom
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10K Club
Joined: Jul 2001
Posts: 84,498
Galveston, TX
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Looks like you have the loan set up on bi-monthly payments.
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#1320717 - 01/08/10 02:31 PM
Re: RESPA changes 1-1-10
DD Regs
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100 Club
Joined: Apr 2003
Posts: 148
Texas
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Section 3500.6(b) of Reg. X states "Revision. The Secretary may from time to time revise the special information booklet by publishing a notice in the Federal Register."
I see the information booklet was released. Has the notice been published in the Federal Register?
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#1320729 - 01/08/10 02:38 PM
Re: RESPA changes 1-1-10
2Confused2go on
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The Swamp
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yes
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#1320765 - 01/08/10 02:59 PM
Re: RESPA changes 1-1-10
RR Joker
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Diamond Poster
Joined: Nov 2005
Posts: 1,032
Midwest
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David-is the answer to Flamigo Girls & 80's Girl Q about ARM payments . . . "yes, use the original loan balance"
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#1320780 - 01/08/10 03:06 PM
Re: RESPA changes 1-1-10
rlcarey
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100 Club
Joined: Jul 2007
Posts: 129
Tulsa, Oklahoma
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Looks like you have the loan set up on bi-monthly payments. So do you think the accurate way to calculate the initial payment on an advancing construction loan is to assume that 1/2 of the loan balance is advanced initially?
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#1320836 - 01/08/10 03:32 PM
Re: RESPA changes 1-1-10
Truffle Royale
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Joined: Oct 2006
Posts: 14,390
Cheeseheadland
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I asked this question... per Judy:
Hello Jay,
Thank you for contacting the Office of RESPA. Please refer to our revised FAQ’s (11/19/09) below:
Q: If the availability of the interest rate (shown in item 1 of “Important dates” on page 1 of the GFE) expires, does a revised GFE have to be issued if the borrower locks a different interest rate before the expiration of the estimate for the settlement charges (shown in item 2 of “Important dates”)? A: If the interest rate offer on the GFE expires and the borrower later locks the interest rate, before the expiration of the estimate for the settlement charges, a revised GFE must be issued if any interest rate dependent charges and terms change. If a revised GFE is issued only the following changes may be made: (1) “Charge or credit (points) for interest rate chosen”; (2) “Adjusted origination charges”; (3) “Daily interest charges”; and (4) other interest rate related loan terms. “Our origination charge” and all other charges must remain the same from the prior GFE. FAQ, 11/24/09, p 10
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#1320838 - 01/08/10 03:33 PM
Re: RESPA changes 1-1-10
Truffle Royale
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Diamond Poster
Joined: Nov 2005
Posts: 1,032
Midwest
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Couldn't find this one either-On a construction loan, the survey/mortgage report fee is collected at closing so a mortgage report showing placement of the building can be obtained after footings are set and before construction draws are made. This fee is finance charge. Would you confirm where this fee will be placed. Thanks.
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#1320840 - 01/08/10 03:34 PM
Re: RESPA changes 1-1-10
2Confused2go on
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Diamond Poster
Joined: Nov 2004
Posts: 2,310
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I see the information booklet was released. Has the notice been published in the Federal Register? It was published in the 1/5/10 issue. http://edocket.access.gpo.gov/2010/pdf/E9-31304.pdf
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#1320866 - 01/08/10 03:48 PM
Re: RESPA changes 1-1-10
#Just Jay
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Posts: 17,410
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I asked this question... per Judy:
Hello Jay, Wow. You're on a first name basis with your pal, Judy! Thanks for pointing out the FAQ for me. And can I just say, after this first week of new RESPA which even ABA has determined to be THE Compliance Issue of 2010, TGIF!
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#1320891 - 01/08/10 04:07 PM
Re: RESPA changes 1-1-10
#Just Jay
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Power Poster
Joined: Oct 2009
Posts: 9,234
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Newbie question: what exactly is the significance of the notice of the new settlement booklets being published in the Federal Register? I ask because i called HUD about a month ago and ordered the new booklets and still haven't received them.
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