I'm trying to complete some training stuff for lenders for RESPA based on 2 scenarios...a purchase transaction and non-purchase transaction and couple of thoughts came up..

1. Don't all lenders disclose insurance as POC on the HUD? I would think paid insurance is a requirement before closing. I would have thought that HUD would have revised the forms to deal with this in a better manner. It's almost as if a POC item is a "hiccup" that's unaccounted for on the standardized forms. Hazard and flood (if applicable) are required prior to closing, so they should have the disclosures in that format.

2. On nonpurchase transactions. On accounting for real estate taxes, The old way I was familiar with was to disclose this as POC on the GFE and HUD.
On the new forms, I'm not sure what to do.

Am I missing something (which is highly likely)? I feel as if I should take up greeting customers at the locat retail store instead of trying to work through RESPA.

I ordered Dickenson's training for next Tuesday. If he can't help me, I'll apply for a job at the funeral home around the corner from the bank.

1. No. It's not a requirement that it be POC. Especially on purchases, the borrowers will come in with a binder and the bill will show as being paid as part of the closing.

2. How can you POC taxes that may have to be paid by the time closing rolls around? If I do a GFE on 1/2/10 there's a good chance the borrowers will use some of the refi $ to pay the taxes that are due on the 31st.

I'm going with MaryBeth and Jack's training in Dec. If that doesn't work, I'm thinking of becoming a Wal-Mart greater.

I'm too far behind the game.....need something immediately to help me get started. MB and Jack's trainings aren't until December. David's is next week. Who knows? I might end up ordering the December training as well!!!!!

Go Hogs...you'll show it because it becomes one of the comparisons on page 3, but then you'll show it as a "credit" in the 200 section on page 1 if it's already been paid. Flood HAS to be paid prior, so it will have to work the same way.

I sure hope it meets your expectations. Otherwise, I may be in need of a funeral home! (As of today, we have over 200 banks signed up for the webinar)

good luck, David! I have dry-run training for management Monday or Tuesday and then the "herds" come in from two states on the following Tuesday and Wednesday (one day is for in-house and one for secondary market).

I'm jumping for JOY! (not)