Relative to denied loan requests, including home improvement loans, is the bank required to do the following: (1)gather government monitoring info (2)provide the servicing transfer disclosure (3)provide the notice "right to copy of appraisal report" even if an appraisal is not obtained?in violation of Reg B if notice cannot be sent until after the thirty days?
Is the new HUD settlement statement to be used in all real estate transactions, or only RESPA-related transactions with a GFE?
Where can I purchase the updated HUD Special Information Booklet?
Regarding the new changes that went into effect 1-1-2010, the one that I am having an issue with is the charges that are supposed to be listed on the new GFE. I told my boss that all charges that are related to a residential one to four family real estate loan, have to be listed on the GFE whether or not we are going to actually charge them. He states there is no reason why if we know up front that we are going to charge one of the fees, why we should have to list it on the GFE. I told him that the new changes state that we have to do this, so I have to have prove where the reg actually states this. He said he isn't going to go by someone's opinion of the reg (such as from a seminar/webinar). He wants it straight from the reg, so am I correct in stating this? If so, please provide me the reg that states this and the explanation.
Was the one day notice HUD-1 inspection for the borrower prior to closing changed with the HUD changes effective 1/1/2010?
Under new RESPA regs, is it ok to give a preapproval for a home loan with a property to be determined (TBD)?
Are there any changes being made to the application associated with the new RESPA changes?
I have a real estate transaction with a buyer and seller. We have prepared the TIL and the disbursement disclosure. My processing department has put on the buyer's documents that the proceeds of the loan will be paid to the seller’s bank in the amount of $51,094.34, and to the seller in the amount of $8,905.66. These amounts totaling $60,000.00 Do I itemize these amounts on the TIL to the buyer, or do we just show a total amount of $60,000 to the seller. Compliance is telling me that it should be itemized to the buyer, and I disagree.
The changes to RESPA by HUD includes a revised definition of application. One of the elements which make up an application is described as "an estimate of the value of the property". How should this be documented on the application form to ensure compliance? The residential loan applications which are provided in our loan processing system (ARTA) do not have this item included on the form.
Has an updated HUD Settlement Cost Booklet been issued that reflects the changes in the revised HUD Settlement Statement? The latest revision that I can find is June, 1997.