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#1307472 - 12/16/09 06:15 PM
Re: RESPA changes 1-1-10
nghcompliance
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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But new question/thought:
Many have mentioned on here doing a GFE "summary" if you will, to more accurately reflect the true closing costs (i.e. OTI, taxes, money to close, etc), separate from and in addition to the GFE.
How might this be percived by the examiners, and what can of worms might we be opening if we go down this route?
fwiw, My examiner (FRB) already suggested completing the itemization of amount financed may be of some use in showing the borrower a more correct summary. We, too, have been inclined to have a "this is this, and here is the real story". I do not see examiner's having an issue with it, so long as the RESPA portion is done as required.
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#1307718 - 12/16/09 08:57 PM
Re: RESPA changes 1-1-10
misha
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Joined: Jan 2004
Posts: 968
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Have searched this thread & can't find the answer - for our loans sold in the secondary market, if a borrower doesn't want to escrow, he has to pay an "escrow waiver fee" - guessing this would go in the Origination Charge?
So it goes in Block One. What if they decide later that they do not want to escrow and we haven't disclosed the fee? HUD's powerpoint states that Block One cannot change, even with a changed circumstance. Because this is a BORROWER REQUESTED change, would we be okay to add this fee in and redisclose?
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#1307739 - 12/16/09 09:07 PM
Re: RESPA changes 1-1-10
Mortimer
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100 Club
Joined: Jul 2008
Posts: 148
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We're having the same issue and I can't find a response to your question.
If we include fees (credit report and automated underwriting fee) as part of our $299 application fee, and we disclose the $299 application fee in the origination charges section of the GFE, do we still have to list the individual charges for the credit report and automated underwriting?
Any help would be much appreciated.
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#1307755 - 12/16/09 09:17 PM
Re: RESPA changes 1-1-10
#Just Jay
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Member
Joined: Nov 2008
Posts: 78
Anywhere but here
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Just Jay- I listned to HUD's RESPA Plain English webinar today and Vicki Bott, Deputy Asst. Sec of Single Family, said that lenders can give a "fee sheet" but that it can't look like a good faith or be indicated to the borrower as a good faith. This was in response to the problem of giving good faiths and being held to them even on a pre-qualification.
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#1307977 - 12/17/09 01:12 PM
Re: RESPA changes 1-1-10
pjs
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Joined: Sep 2002
Posts: 13,965
TN
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I have attended two separate training sessions and this wasn't mentioned. I think he got some bad information.
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#1308009 - 12/17/09 01:51 PM
Re: RESPA changes 1-1-10
pjs
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Power Poster
Joined: Jul 2002
Posts: 5,568
New Jersey
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This might also be a state issue. In New Jersey, for example, by statute, borrowers are permitted to have a title company conduct a closing. An attorney is not required.
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#1308022 - 12/17/09 02:03 PM
Re: RESPA changes 1-1-10
pjs
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Power Poster
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
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Anybody hear this and would you know where they got it from:
An Attorney told us yesterday that in his training he was told that an attorney had to do the HUD settlement statement on a refinance. Thanks PJS, I would ask him to quote chapter and verse. Especially since we are both in Ohio and I haven't heard this.
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#1308024 - 12/17/09 02:08 PM
Re: RESPA changes 1-1-10
DD Regs
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Posts: 14,390
Cheeseheadland
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Anybody hear this and would you know where they got it from:
An Attorney told us yesterday that in his training he was told that an attorney had to do the HUD settlement statement on a refinance. Thanks PJS, I would ask him to quote chapter and verse. Especially since we are both in Ohio and I haven't heard this. Sounds like a little industry self-churning to me. Ditto DD.
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#1308031 - 12/17/09 02:15 PM
Re: RESPA changes 1-1-10
Reads Regs
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I've been searching too for the new (or old even) special information booklet on HUD's website (and I tried the link below too). I still don't see it. Is it in sections? I read where we might be able to order the booklets from the gov't for free too, but haven't found how/where. See my post above. Here's a link to the PDF version of the booklet from 6/1997. http://www.hud.gov/offices/hsg/ramh/res/stcosts.pdf Here is the phone number where you can order the new booklets for free and check to see if they are ready. 1-800-767-7468. The lady told me to check the first of the new year to see if they are ready. Good luck!
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#1308034 - 12/17/09 02:17 PM
Re: RESPA changes 1-1-10
#Just Jay
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Posts: 10,321
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Anybody hear this and would you know where they got it from:
An Attorney told us yesterday that in his training he was told that an attorney had to do the HUD settlement statement on a refinance. Thanks PJS, I would ask him to quote chapter and verse. Especially since we are both in Ohio and I haven't heard this. Sounds like a little industry self-churning to me. Ditto DD. Thanks DD- I will. I've been busting around reading and I do not find anything. I say let him prove it to me. Thanks
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#1308091 - 12/17/09 02:56 PM
Re: RESPA changes 1-1-10
pjs
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Power Poster
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
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I've been searching too for the new (or old even) special information booklet on HUD's website (and I tried the link below too). I still don't see it. Is it in sections? I read where we might be able to order the booklets from the gov't for free too, but haven't found how/where. See my post above. Here's a link to the PDF version of the booklet from 6/1997. http://www.hud.gov/offices/hsg/ramh/res/stcosts.pdf Here is the phone number where you can order the new booklets for free and check to see if they are ready. 1-800-767-7468. The lady told me to check the first of the new year to see if they are ready. Good luck! IF these books are not available come Jan 1, should we continue to hand out the old ones until they are or should we print off some from the PDF on line to hand out?
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#1308116 - 12/17/09 03:11 PM
Re: RESPA changes 1-1-10
DD Regs
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Joined: Jul 2001
Posts: 83,371
Galveston, TX
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The new Settlement Booklet has been posted by HUD.
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#1308138 - 12/17/09 03:24 PM
Re: RESPA changes 1-1-10
rlcarey
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The new Settlement Booklet has been posted by HUD. Hooray, but I can't find it.
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#1308144 - 12/17/09 03:28 PM
Re: RESPA changes 1-1-10
pjs
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Galveston, TX
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#1308163 - 12/17/09 03:37 PM
Re: RESPA changes 1-1-10
Bville
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Central City, NE
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Question 3 in the Block 1 section of HUD's FAQs (page 22 of the 11/19/09 edition)states that "Block 1,'Our origination charge' cannot increase unless there is a 'changed circumstance'...."
Slide 13 states, " Block 1 fees CANNOT change, even with a changed circumstance" (Exception is for an origination charge based on the loan amount and loan amount changes.)
These statements seem to contradict each other. I certainly hope that a changed loan amount is not the only "changed circumstance" that could change the number. Bullseye's example of the borrower deciding not to escrow should allow the addition of the escrow waiver fee. What if the bank finds complications and needs an attorney to help prepare the mortgage? It seems that should be a changed circumstance,too. I'm sure there are many many more examples. I agree with you. In fact, the HUD training seemed to contradict several things already published in the regulation and FAQs. For instance, the FAQs say to only list things the borrower is likely/typically to pay. Yet the HUD training said you had to list transfer taxes. I've never seen a borrower pay transfer taxes. I have emailed HUD on this, but it bounced back with a message that their in box was full. I'll keep trying.
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#1308164 - 12/17/09 03:38 PM
Re: RESPA changes 1-1-10
rlcarey
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oHiO
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#1308168 - 12/17/09 03:41 PM
Re: RESPA changes 1-1-10
David Dickinson
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New Poster
Joined: Dec 2009
Posts: 9
Illinois
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We actually have some cities within our State like Chicago where the Borrower is actually responsible for the Transfer Tax Stamps. We have to be careful because it's not always paid by the Seller.
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#1308235 - 12/17/09 04:19 PM
Re: RESPA changes 1-1-10
DD Regs
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Power Poster
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
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I've been searching too for the new (or old even) special information booklet on HUD's website (and I tried the link below too). I still don't see it. Is it in sections? I read where we might be able to order the booklets from the gov't for free too, but haven't found how/where. See my post above. Here's a link to the PDF version of the booklet from 6/1997. http://www.hud.gov/offices/hsg/ramh/res/stcosts.pdf Here is the phone number where you can order the new booklets for free and check to see if they are ready. 1-800-767-7468. The lady told me to check the first of the new year to see if they are ready. Good luck! IF these books are not available come Jan 1, should we continue to hand out the old ones until they are or should we print off some from the PDF on line to hand out? I guess I should be more clear, I understand the "new books" are available on line (I have seen the gazillions post in the lending thread announcing it  ). What I am asking is since HUD is saying the Hard Copies that you can order are not available until after Jan 1, should we print out the PDF that is on line to hand out to customers. Sorry if my original question wasn't clear enough.
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#1308260 - 12/17/09 04:33 PM
Re: RESPA changes 1-1-10
DD Regs
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Power Poster
Joined: Oct 2009
Posts: 9,105
OK
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i spoke to a lady from HUD this morning and her statement was that HUD no longer supplied the Hard Copies. I assume we can order them from somebody else or do we just hand customers xeroxed copies of the new form?
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