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October 29
Documenting an Applicant's Intent to be a Joint Applicant;
David Dickinson

November 4
Issues with Deceased Customers;
Mary Beth Guard and John Burnett

November 5
Vault Burglaries, Floods, Fires & Other Disasters;
Dave McGuinn

November 6
MLO v LO - Who Has to Do What?;
Jack Holzknecht and Mary Beth Guard

November 13
Domestic Violence & Workplace Violence: There Is A Link;
Shelly Collins and Dana Turner

November 18
Understanding USPAP and Regulatory Guidelines for Appraisal and Evaluation Compliance Reviews;
Eric Collinsworth



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#1667490 - 02/20/12 12:12 PM VA Funding fee on HUD-1
golden oldie Online
Member

Registered: 07/19/11
Posts: 66
Some of our lenders put it in the 800 series (carried over from Box 3) and some put it in 902. Same with USDA fee. Where are you putting it on the HUD-1?

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Lending Compliance
#1667536 - 02/21/12 08:00 AM Re: VA Funding fee on HUD-1 [Re: golden oldie]
Jerod Moyer Offline
Gold Star

Registered: 10/27/05
Posts: 319
Loc: Sioux Falls, SD
The RESPA FAQ's address this:

GFE Block 3

1) Q: Where should a VA funding fee be disclosed on the GFE?

A: Fees specific to government loan programs, such as a VA Funding Fee, should be disclosed in Block 3 (HUD 800's), ―Required services that we select.
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Jerod Moyer
www.bankerscompliance.com

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#1667647 - 02/21/12 10:27 AM Re: VA Funding fee on HUD-1 [Re: golden oldie]
golden oldie Online
Member

Registered: 07/19/11
Posts: 66
FHA MIP and PMI go in box 3 also....DogMagic is putting everything in 902 for "mortgage insurance". I was wondering if anyone else is doing it.

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#1668178 - 02/22/12 10:10 AM Re: VA Funding fee on HUD-1 [Re: golden oldie]
golden oldie Online
Member

Registered: 07/19/11
Posts: 66
Please let me know what you are doing with the VA Funding and USDA fee: 800 series or 902? I know owhere they go on the GFE - but where do you place them on the HUD-1

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#1668250 - 02/22/12 11:20 AM Re: VA Funding fee on HUD-1 [Re: golden oldie]
Truffle Royale Offline

10K Club

Registered: 07/09/03
Posts: 14333
They belong on 902. List the payee just like you normally would.
The new monthly Rural fee goes on 1003.
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Your life is an occasion. Rise to it! Suzanne Weyn

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#1668267 - 02/22/12 11:40 AM Re: VA Funding fee on HUD-1 [Re: golden oldie]
golden oldie Online
Member

Registered: 07/19/11
Posts: 66
Thank you.....I just need a little support for my opinion on the matter.

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#1756396 - 11/08/12 11:19 AM Re: VA Funding fee on HUD-1 [Re: golden oldie]
IMSHY Offline
Gold Star

Registered: 01/04/05
Posts: 375
Loc: NM
I had a question about the VA Funding Fee and read this post. It looks like Jarod's opinion was to dislcose in the 800 series of the HUD, which I believe to be correct. Page 49 of the RESPA FAQs also states that the 800 series is the place to dislcose this fee. What is everyone else doing on the HUD for this fee?

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#1756845 - 11/09/12 12:43 PM Re: VA Funding fee on HUD-1 [Re: golden oldie]
Sox in '13 Offline
Power Poster

Registered: 02/07/05
Posts: 6516
Loc: Foxboro
This came up as an issue at my old employer. QC decided we were wrong by showing the funding fee on 902. My opinion was (and was ultimately backed up by several sources) was that the VA Funding fee is the same at FHA UFMIP or any other conventional One time MI payment and as such should be in the 900's as TR noted.

My interpretation of the reference on page 49 of the FAQ's were agency related fees such as the FHA Commitment fee, etc. We did not interpret that to mean the funding fee. FWIW, the VA told me they didn't really care which line it was on (although it isn't under thier authority), and it was never brought up as an issue by our investors.
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