What RESPA violations would a lender be making if they are changing the zero tolerance and 10% tolerance section of the 2010 GFE at closing to
avoid issuing the borrower restitution for the cost to cure.
Is this a bridge loan? The loan is to purchase and renovate a home, only using the home being purchased for collateral. Term 180 days, closed -end line (for improvements). The loan will be paid off with the sale of current home. Does RESPA apply?
If the initial GFE did not list the name, address & phone number of originator can they do a revised one and be okay or will they have to use $0.00 on the HUD-1 comparison and pay the borrowers the difference between $0.00 and the actual cost?
Where do you put the fee on the GFE and HUD for e-filing a mortgage? I read commentary that it should go in the 1100 series but that seems odd if it is a HUD1-A.
If a customer asks for a pre-approval for a purchase of a specific property and amount does this trigger a GFE and is it considered an application?
We are listing a $5 credit report fee that is not charged nor collected as a credit on the GFE. If we do that then on the HUD-1 it is listed as a -$5 on line 802, we would not need to further disclose this same $5 as a POC in line 805, therefore leaving it totally off of our internal loan boarding data?
Our loan originator submitted an application for a consumer to one lender which was approved. However, the consumer decided not to accept that loan but, working with the same loan originator, sought a loan with a different lender. Is this a completely new application with a new GFE?
In Settlement Statement (HUD-1A), Secion 804 Appraisal fee Question. Normally, lenders receive appraisal fees at the loan application. In Good Faith, the fee will be disclosed. What is the proper method in recording the appraisal fee in the HUD-1 OR HUD-1A? Is it correct to record "the fee to ABC Appraisal Co in Section 804 as P.O.C." and in Comparison of Good Faith Estimates (GFE) and HUD-1A Charges, to record the fee in Good Faith Estimate and HUD-1A, althought the automatic software will not record the fee in HUD-1A)?
Can a lender offer a potential borrower a $25 gift card if they bring in their Good Faith Estimate from another lender for a "second look"?
Do the Preliminary Truth in Lending and Good Faith Estimate (RESPA) forms need to be signed by the consumer and returned to the financial institution?