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#1283915 - 11/09/09 10:53 PM
Re: RESPA changes 1-1-10
David Dickinson
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100 Club
Joined: Oct 2004
Posts: 192
New Orleans, La.
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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?
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#1283916 - 11/09/09 10:53 PM
Re: RESPA changes 1-1-10
Sheldon Hendrix
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100 Club
Joined: Jun 2007
Posts: 133
Central Arkansas
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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.
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#1283925 - 11/09/09 10:57 PM
Re: RESPA changes 1-1-10
Compliance Chick
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10K Club
Joined: Nov 2000
Posts: 18,762
Central City, NE
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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? 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. "
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#1284177 - 11/10/09 03:28 PM
Re: RESPA changes 1-1-10
David Dickinson
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Diamond Poster
Joined: Jun 2006
Posts: 1,194
South
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2. I'm with you - Block 4 or Block 1. Another question that can't be resolved!
I'd email or call HUD to see if you can get an answer. They've got to know about these issues.
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.
Last edited by Compliance Rules; 11/10/09 03:28 PM.
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#1284230 - 11/10/09 03:54 PM
Re: RESPA changes 1-1-10
Sheldon Hendrix
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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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!
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1284304 - 11/10/09 04:16 PM
Re: RESPA changes 1-1-10
RR Joker
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10K Club
Joined: Jul 2003
Posts: 17,398
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Waiting with baited breath for that response, RR.
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#1284334 - 11/10/09 04:25 PM
Re: RESPA changes 1-1-10
Truffle Royale
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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LOL
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1284477 - 11/10/09 05:37 PM
Re: RESPA changes 1-1-10
Sheldon Hendrix
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Platinum Poster
Joined: May 2005
Posts: 662
FL
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Here is the email address where I have successfully sent and received a response: HSGRESPA@hud.gov
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#1284776 - 11/10/09 08:25 PM
Re: RESPA changes 1-1-10
Cowboys Fan
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Diamond Poster
Joined: Sep 2009
Posts: 1,601
Ohio
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Does anyone know how this is going to effect the 1098 and reportable points in 2010? If all bank fees are now going to be shown on line 801, then is that the amount we would start reporting on the 1098? See page 38 for 1098 info 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?
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#1284814 - 11/10/09 08:43 PM
Re: RESPA changes 1-1-10
dbrunow
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Diamond Poster
Joined: Sep 2009
Posts: 1,601
Ohio
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Page 32, Answer 1 of the FAQ states that "using the HUD-1 form does not subject a transaction to coverage under RESPA." 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.
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#1284832 - 11/10/09 08:49 PM
Re: RESPA changes 1-1-10
jlroberts
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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Does anyone know how this is going to effect the 1098 and reportable points in 2010? If all bank fees are now going to be shown on line 801, then is that the amount we would start reporting on the 1098? See page 38 for 1098 info 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? 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.
Last edited by RR joker; 11/10/09 08:50 PM.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1284880 - 11/10/09 09:26 PM
Re: RESPA changes 1-1-10
RR Joker
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Power Poster
Joined: Nov 2008
Posts: 4,132
Somewhere in the middle
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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?
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#1284893 - 11/10/09 09:32 PM
Re: RESPA changes 1-1-10
DD Regs
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Power Poster
Joined: Feb 2005
Posts: 6,559
Foxboro
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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.
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#1284981 - 11/10/09 10:08 PM
Re: RESPA changes 1-1-10
TB 12
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Gold Star
Joined: Dec 2006
Posts: 435
TN
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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
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#1285047 - 11/11/09 03:23 AM
Re: RESPA changes 1-1-10
pjs
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10K Club
Joined: Nov 2000
Posts: 18,762
Central City, NE
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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
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#1285095 - 11/11/09 04:06 PM
Re: RESPA changes 1-1-10
DD Regs
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Power Poster
Joined: Feb 2005
Posts: 6,559
Foxboro
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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? 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?
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#1285103 - 11/11/09 04:56 PM
Re: RESPA changes 1-1-10
TB 12
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Power Poster
Joined: Jan 2008
Posts: 6,389
Looking for My Happy Place....
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^^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!
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#1285109 - 11/11/09 05:05 PM
Re: RESPA changes 1-1-10
David Dickinson
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100 Club
Joined: Jul 2004
Posts: 141
A Mile High
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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.
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My employer will rapidly disavow any connection of any kind to any posting I have made or may now or in the future make.
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#1285112 - 11/11/09 05:16 PM
Re: RESPA changes 1-1-10
Compliance Geek
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10K Club
Joined: Nov 2000
Posts: 18,762
Central City, NE
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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.
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#1285176 - 11/11/09 11:10 PM
Re: RESPA changes 1-1-10
David Dickinson
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Gold Star
Joined: Jul 2005
Posts: 318
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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.
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My opinions are not necessarily those of my employer and should not be taken as legal advice.
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#1285224 - 11/12/09 01:51 PM
Re: RESPA changes 1-1-10
David Dickinson
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10K Club
Joined: Aug 2004
Posts: 10,321
oHiO
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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 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.
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