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#1291278 - 11/23/09 01:59 PM
Re: RESPA changes 1-1-10
TB 12
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FWIW, I agree with SOX on both of the last two posts.
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#1291307 - 11/23/09 02:38 PM
Re: RESPA changes 1-1-10
RR Joker
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Joined: Feb 2005
Posts: 313
sd
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Can someone direct me to finding an answer to the following: On construction/perms we may do several inspections throughout the construction phase. Sometimes the inspections are done by bank staff and sometime by an appraisers. We typically charged a fee per inspection - can we just increase our origination fee and eliminate the inspections fee?
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#1291320 - 11/23/09 02:47 PM
Re: RESPA changes 1-1-10
ahou
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Joined: Nov 2009
Posts: 2
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That is what I assumed also, but I read that box 2 and 3 were to be checked off only if a mortgage broker is involved, and box 2 was for the amount of the YSP. There is no mortgage broker on a home equity loan.
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#1291322 - 11/23/09 02:48 PM
Re: RESPA changes 1-1-10
bstritecky
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Joined: Feb 2005
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sd
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My next question: Can we go back to preapprovals? We have done these since the beginning of time - we take an application without a property address, do complete underwriting and verification and issue a GFE, early TIL and committment letter subject to certain conditions. We have never "required" the customer to provide the verification information but since they are requesting the preapproval they provide it. I'm still unclear as how to handle these based on my readings here.
If we issue a good faith estimate so we don't have issues with the verification portion - we will be bound to it for 10 days?
If we just issue an "information sheet" instead of a GFE - can we still do the verifiction portion?
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#1291347 - 11/23/09 03:15 PM
Re: RESPA changes 1-1-10
bstritecky
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Foxboro
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You can do preapprovals, but I beleive it was mentioned somewhere in this thread when a borrower finds a property, it is not considered a "change of circumstance" , so you may not have quoted accurate fees from your initial GFE.
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#1291441 - 11/23/09 04:40 PM
Re: RESPA changes 1-1-10
Trixie
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Joined: Feb 2005
Posts: 6,559
Foxboro
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Third Party Service Provders - Block 6- If the offer to purchase has listed Well, home inspection etc. Do we need to provide a Providers List? This is something the seller ususally pays for and is ordered by the Realtor. Very confusing how would the bank know who to list on the provider list and keep up on the fees. Trixie-are these services that you as the lender require or are they simply contingencies in the sales agreement? If they are not lender required items, you would not need to worry about them.
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#1291443 - 11/23/09 04:40 PM
Re: RESPA changes 1-1-10
dottiec
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Joined: Jul 2007
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I'm trying to understand when I use a credit in Block 2 and when I have to use Block 204 on the HUD-1 form for a junior lien.
We collect a fee of $141.50 to cover all closing costs on the junior lien. This is the exact amount it costs us provided there is only one tax parcel included on the mortgage.
Our loan involves a property that has two tax parcels. This will cost us an additional $5.00 in government recording fees. We know when we issue the GFE that we will not be collecting the $5.00 from the customer, the bank will pay it.
Since we are "splitting" the fee, do I show a credit in Line 2 of the GFE and can I close using a HUD-1A? Or do I leave Line 2 of the GFE N/A and use the HUD-1 to close with a credit in Line 204?
Thanks to anyone brave enough to attemp an answer! Can anyone help me with this?
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#1291461 - 11/23/09 04:47 PM
Re: RESPA changes 1-1-10
Truffle Royale
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Foxboro
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Becky, all of the new GFE changes only solidified our choice to do only prequalifications, not pre-approvals. You might want to consider doing the same.
We are leaving the option on the customer (bank)as to when they actually begin using the new method. .... Also, keep in mind the new HUD booklet is still not available and these changes can not go into effect unless it is available as well. We could only hope she is correct, TR, however, in the OTS/HUD conf call, they made it crystal clear this is going forward-no reference to whether the HUD booklet would be available. Isn't the new format a mini hud booklet anyway? What else would a cust need to know?
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#1291470 - 11/23/09 04:49 PM
Re: RESPA changes 1-1-10
Truffle Royale
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Truf...they may be meaning you can begin using earlier if you want to? As far as the book? I see no delays just based on the SCB.
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My opinion only. Not legal advice.
Say you'll haunt me - Stone Sour
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#1291479 - 11/23/09 04:53 PM
Re: RESPA changes 1-1-10
Truffle Royale
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Posts: 313
sd
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Truffle - I agree that we are going to have to change from preapprovals to prequals - I just met with loan origination and opertions to begin that process.
In addition, I agree your software company is nuts. I have never seen an exception to compliance until the book gets updated. There are many issues here that don't have logic so why then would we expect the book to be updated before we implement the changes???! (Sorry that is a sarcastic monday morning comment!)
Thanks for yor reponse.
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#1291480 - 11/23/09 04:53 PM
Re: RESPA changes 1-1-10
David Dickinson
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Will the good faith list of required providers notice (currently on the back of our GFE's) go away with the use of the new form?
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#1291485 - 11/23/09 04:56 PM
Re: RESPA changes 1-1-10
Truffle Royale
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Foxboro
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D&S-that is a great question-hadn't thought of that. In all the reading I have done I haven't seen a reference to that.
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#1291486 - 11/23/09 04:57 PM
HELP-Yield Spread Premiums
RR Joker
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Joined: Oct 2006
Posts: 344
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If we recieve a yield spread premium from a secondary market company such as Fannie Mae do we need to disclouse this on the GFE or does the last statement on page 3 cover this?
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#1291507 - 11/23/09 05:16 PM
Re: RESPA changes 1-1-10
Truffle Royale
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Joined: Dec 2005
Posts: 553
USA
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I'm so po'd at our software company. We're not going to get an update till hopefully 12/18. Then we can start running tests. Are you kidding me???!!! And, once we go live, it's all or nothing. So any loans I've taken an application for in 2009 that haven't closed yet, my system is going to force me to redisclose on the new GFE. Seriously, I'm spitting tacks here. Ahh we must have the same software company. 
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#1291512 - 11/23/09 05:20 PM
Re: RESPA changes 1-1-10
Truffle Royale
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State of Confusion
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Hey Truffle - I know who your software company is. Because I got that little "news" last week. If you're like every other company in America, you have folks who are on vacation for the holidays - including both the IT people who INSTALL the upgrades and the people that test! - which includes me!!
They did send partial release notes this morning but not totally happy : (
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#1291517 - 11/23/09 05:29 PM
Re: RESPA changes 1-1-10
dollars & sense
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Will the good faith list of required providers notice (currently on the back of our GFE's) go away with the use of the new form? Yes, David stated that in his webinar.
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#1291551 - 11/23/09 05:54 PM
Re: HELP-Yield Spread Premiums
dollars & sense
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If we recieve a yield spread premium from a secondary market company such as Fannie Mae do we need to disclouse this on the GFE or does the last statement on page 3 cover this? It probably depends...are you defined as a broker? or do you do your own funding and sell later.
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Say you'll haunt me - Stone Sour
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#1291556 - 11/23/09 05:56 PM
Re: HELP-Yield Spread Premiums
RR Joker
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Posts: 344
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We are not defined as a broker. We do our own funding and sell the loan later. At that time we also retain the servicing.
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#1291560 - 11/23/09 05:59 PM
Re: RESPA changes 1-1-10
pjs
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Posts: 6,559
Foxboro
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Will the good faith list of required providers notice (currently on the back of our GFE's) go away with the use of the new form? Yes, David stated that in his webinar. pjs-do you know if this is written somewhere-perhaps the FAQ's? I'd like that as back up.
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#1291561 - 11/23/09 06:00 PM
Re: RESPA changes 1-1-10
CompDat
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I'm so po'd at our software company. We're not going to get an update till hopefully 12/18. Then we can start running tests. Are you kidding me???!!! And, once we go live, it's all or nothing. So any loans I've taken an application for in 2009 that haven't closed yet, my system is going to force me to redisclose on the new GFE. Seriously, I'm spitting tacks here. Ahh we must have the same software company. Our software is going to have the old HUD settlement statement available on for loan applications dated before 1/1/10. We haven't had our update yet- they are waiting on the last word from HUD so they can tweek any thing they might need to.
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#1291565 - 11/23/09 06:02 PM
Re: RESPA changes 1-1-10
TB 12
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Will the good faith list of required providers notice (currently on the back of our GFE's) go away with the use of the new form? Yes, David stated that in his webinar. pjs-do you know if this is written somewhere-perhaps the FAQ's? I'd like that as back up. No I was looking for you all regarding that. Maybe David can pipe in. I was going to go look in the Federal Register to see.
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#1291597 - 11/23/09 06:26 PM
Re: HELP-Yield Spread Premiums
dollars & sense
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Joined: Nov 2002
Posts: 20,656
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We are not defined as a broker. We do our own funding and sell the loan later. At that time we also retain the servicing. Bona fide transfers on the secondary market do not require disclosure (because they are RESPA exempt. SO...anything you make on the loan after-the-fact, doesn't apply.
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Say you'll haunt me - Stone Sour
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