Does a HUD 1 have to be signed by borrowers and sellers?
We use title insurance companies to disburse funds on our refinances, as this is a requirement in order to obtain a closing protection letter from the title insurance company. In our itemization of title services on HUD line 1101, there is a wire fee for the outgoing payoff and also a disbursement fee. Are these considered prepaid finance charges or not?
On real estate construction loans, do I have to show taxes and insurance amounts on the HUD 1A POC?
On the new Good Faith Estimate and the HUD, since we are now escrowing on mobile homes, do we disclose and escrow the mobile home ad valorem taxes?
Do both sellers have to sign the HUD Settlement Statement at closing?
Manufactured housing loans where the MH is permanently attached to real estate per FHA guidelines and where the MH titles have been vacated - these loans clearly are subject to RESPA. The lender is secured by a real estate mortgage as the MH is considered as being a part of the real property and is no longer personal property. Here is where some confusion lies: RESPA appears to be clear that MH loans are exempt unless the MH has been permanently affixed to the real estate, so what is the definition of permanently affixed? It used to be that for a MH to be considered as being permanently affixed to real estate, the MH had to be set up per FHA’s foundation requirements, tong, axles, etc., removed and titles vacated by the state. However, there is confusion in cases where a lender finances a manufactured home that has titles, is not affixed to the real estate per FHA permanent foundation requirements, but is simply set up per local requirements and where the lender takes a mortgage on the land where the MH is placed. A MH with land does not mean that the MH is permanently attached to the real estate, so the heart of the question is simple: if a lender takes a lien on a MH and also takes a mortgage (as additional collateral) on real estate where the MH is located, but not permanently affixed, is this covered by RESPA or not?
Where do we put the fee for tax return verification service (4506T) on the GFE and HUD? Is this fee a prepaid finance charge?
Has HUD updated their "Settlement Costs and Helpful Information" booklet? The latest I am able to find is June, 1997. I know this was asked 11/2009, and no threads have been posted since then.
YSP was not considered APR impacting prior to RESPA Reform (built into the rate). With the change on the GFE to reflect YSP as a credit to the borrower, is this now APR impacting? We think is should be treated the same way it was prior to RESPA reform, but are concerned RESPAs change may have an unintended impact on Regulation Z.
If there is a negative interim interest (credit) on the HUD-1, shouldn't that be included in the calculation of the finance charge to calculate the APR?