I have looked on HUD's website and am having trouble finding the phone number or email address to use for a RESPA question.

Can someone help me out?

the credit report question is a good one. Typically, we don't pass this on to the borrower.

Recent things I've heard relating to this are:

1. The OTS RESPA webinar-the Respa rep made the statement that "if a fee is waived from the beginning, then it's not a charge to the borrower." With this thinking, it would not be disclosed on the GFE or the HUD.

I've got calls out to my regulator to try to get some guidance on this.

HSGRESPA@HUD.GOV

Flamingo Gal posted this about 3 pages back:
"HUD's number: 202-708-3137 You will get a list of extensions for people who handle the RESPA questions. "

Sent an email. Whatever response I get back I will share.

FYI - Compliance Coach is offering a free guid to filling out the new forms called "Getting it Right: GFE & HUD1/1A." It includes line by line instructions including the FAQs and regulatory appendixes. I am passing it along to our processors here to use.

I just sent an email in regarding broker vs lender and YSP's known up front. I just can NOT comprehend why one would have to disclose this and one would not...it seems like such a contradiction to me...I wonder if I'll get a coherent response...or one at all!

Waiting with baited breath for that response, RR.

LOL

Here is the email address where I have successfully sent and received a response: HSGRESPA@hud.gov

Compliance Coach guide is a GOOD one. Thanks for sharing.

I just read page 38 - thanks.

I also just downloaded a Guide to Getting it Right GFE and HUD-1/1A document from www.compliancecoach.com/respa and page 27 of that guide states to disclose points on Line 802.

Am I the only one that doesn't understand whether to include the point on line 801 or put it on line 802?

Does this apply to the GFE as well?

It's amazing that we read the FAQ over and over (I even do a find) and still overlook what you want to find.

Discount points are shown on 802. Your origination fee (point) is on line 801. See the Q&A page 38 for an example of how to section this out.

Just downloaded the Compliance Coach Guide. (Thanks for the Heads up).

In th eImportant Dates section of GFE, they say after each line 1-4, you can put NA if it does not apply. In what cases would you have a NA?

I am waiting for mine DD but that is music to my ears. For me, N/A will be for how long the rate is good for. No way are we going to guarantee any rate (unless they actually lock at that time) at the GFE stage of the game.

I've been lurking on this posting, reviewing everything, and I have one question I haven't seen addressed.

Neither the GFE nor the HUD-1 or HUD-1A have signature lines. I've seen in the FAQs that you can have the customer sign a seperate document acknowledging receipt of the GFE. What about the HUD?

Traditionally both buyers and sellers have signed that. Has that changed? If so, can we have a seperate document acknowledging receipt of the HUD?

Thanks for all the good discussion.

____________________________________________
Keep Calm and Carry On

I just want to pipe in here and tell David and Jerod thanks so much for the webinar today on how to complete the new GFE and settlement statement. It was excellent.

Thank you pjs. It was a TON of info in a short amount of time. We knew that going in (and the feedback supported our thoughts), but how else do you explain how to complete both forms in less then 2 hours?

Now we have 241 questions to answer from the webinar! We'll be busy for a while.

If anyone was unable to attend the webinar, you can still purchase the CD from the BOL store. You get all of the materials, power point, 3 sample GFE's and Settlement Statements and a written answer to all 241 Q&A's. You can find more info here:
http://www.bankersonline.com/bankerstore/index.php?main_page=product_info&products_id=1963

DD- I just got my copy, and I can respond to NA on 1,3 and 4.

1) If a lender does not guarantee a quoted rate being available for any amount of time (unless the customer chooses to lock at that time), NA is allowed.
3) If the customer is not locking at that point in time, this would show as NA
4) If a lender does not require a minimum time to lock prior to closing, it would be NA

My question is on #2-if we need to disclose at least 10 days, why would NA be an option?

^^This is good to know!

Now, I see a lot of questions pertaining to purchase loans. I have a couple of questions regarding contructions loans that are covered by RESPA:

1. Is a construction line considered a balloon loan for the purposes of answering the "Summary of your loan" question?

2. Our loan processing software calculates an estimated monthly interest amount based on an initial draw of half the available line. If we use this figure, would we check "yes" on the question "Can your monthly payment can rise even if you pay on time" and then disclose an accrued interest figure for when the line is fully drawn? Or just go ahead and disclose the line as fully drawn to begin with?

Thanks everyone!

Great seminar, David. Thanks for all your work on this mess.

Will a compiled list of the Q&As from the seminar be made available?

Thanks again.

Thanks for your kinds words. We have just over 250 questions submitted. However, several of the questions have multiple questions in them (two have 9!). I estimate we have about 750 total Questions to answer! We're working on getting them organized into topics and then will begin answering them today. I HOPE to have them done by the end of next week. We'll email them to BOL and then send all participants will get an email linking you to the Q&As.

Can someone confirm for me that the provider list is only needed for settlement services listed in GFE Sections 4, 5, and 6 when we require the service but let the customer choose who is going to provide it.

If this is true, then am I correct that we don't need a provider list for owners title insurance since it's not required by the lender.

Also, I've seen some discussion of hazard insurance and flood insurance. They're required, but they don't go in sections 4, 5, or 6. So are they exempt from the provider list requirement?

Thanks.

1. Maybe I'm missing something, but I don't see where "when we require the service" is listed in the instructions. All items in Blocks 4-6 must have a provider list if you allow the borrower to shop.

2. You do not need to provide a list of recommended providers for insurance. Only Block 4-6 items.

Yes, your're right it was a lot of information in 2 hours. It opened up some peoples' eyes on how important this is that attended it with me- Although I went home with a headache that night- Anyhow- your free 30 days access to the webinar I am taking advantage of and asking more loan people to come and view it. Thanks so much.