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#1359979 - 03/18/10 05:41 PM Re: RESPA changes 1-1-10 JustMe
SaaL Offline
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The Texas Hill Country
Same for me.
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RESPA
#1359980 - 03/18/10 05:41 PM Re: RESPA changes 1-1-10 JustMe
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
I have the same thing.
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#1359985 - 03/18/10 05:44 PM Re: RESPA changes 1-1-10 Dan Persfull
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Why am I not shocked???
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#1359988 - 03/18/10 05:45 PM Re: RESPA changes 1-1-10 JustMe
manylayers Offline
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PA
*sigh*

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#1359992 - 03/18/10 05:47 PM Re: RESPA changes 1-1-10 manylayers
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nearly 15 minutes now. Yes, folks, your tax $$ at work! Maybe they changed their minds and can't really clarify this carp either!!! crazy laugh Usually when I'm listening to music like this I'm at least getting a massage. wink I'm feeling sleepy...very sleepy.

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#1359998 - 03/18/10 05:51 PM Re: RESPA changes 1-1-10 manylayers
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Somewhere in the middle
The complete list of scheduled webcasts follows. All times are Eastern Time. Live links for the webcast and training materials will appear in a box on the webcast page approximately 1/2 hour before the broadcast taking you to the video. Archived webcasts are usually available in the video library the day after their initial broadcast.

Looks like we will be seeing the recorded version tomorrow whistle

Nice soothing music though smirk
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#1360000 - 03/18/10 05:51 PM Re: RESPA changes 1-1-10 Truffle Royale
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The music is delightful though sick

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#1360002 - 03/18/10 05:51 PM Re: RESPA changes 1-1-10 MN Banker
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Truffle, between you and Dan, I am getting my afternoon laughs. Thanks!
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#1360003 - 03/18/10 05:52 PM Re: RESPA changes 1-1-10 manylayers
SnuffytheSeal Offline
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State of Confusion
Originally Posted By: manylayers
I have this on my calendar!!! I'm doing my first review of loan applications post 1-1-10...and trying to keep all the rules straight....and hoping that i'm not misunderstanding any fundamental parts of the new GFE and HUD.

What i am seeing is that we need to do a better job of documenting when and why a GFE is reissued. and when an interest rate is locked and when it is not.

Has anyone else begun to audit their files? what are you finding?
suggestions for improvement?



1. That attorneys aren't completing the HUD-1 completely or they don't understand the rule and fight us when we want items on certain lines including the agent/underwriter breakdown of the fee.
2. Vendor charges are not being putting in the right section. We already ate $10 that we didn't need to (ok it was only $10)
3. We eat a lot of teeny amounts due to rounding on the transfer taxes. Why not a 1% tolerance?
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#1360009 - 03/18/10 05:54 PM Re: RESPA changes 1-1-10 JustMe
SnuffytheSeal Offline
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State of Confusion
Originally Posted By: Just Me
Is it just me or has the webcast not started yet? I just have the purple box with the title and says it will start in a minute. It's been that way for 10 minutes now.


I'm blocked from the website - no streaming media <sigh>. Hopefully HUD will post later
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#1360010 - 03/18/10 05:55 PM Re: RESPA changes 1-1-10 JustMe
RR Joker Offline
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No one was brave enough to field this one you guys...Let me give you a final piece of an answer I got from HUD the other day regarding bridge loans:

"You may be right. I am not going any steps further right now Suzy. I have looked at the rule and lots of background and subsequent movements to understand that this might not have been high up on the hypothetical scenarios of those that drafted the rule.

I understand that some manifestation of this issue is being taken up officially now; and I believe that they make tremendous attempts to decide consistent with the language and intent of the rule. I am not privy to final decisions on this point.

Wish I could be more help, but at this moment, it is not for me to further analyze/argue/opine about."


Guess what guys...I wasn't even argueing! LOLOLOLOL!
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#1360038 - 03/18/10 06:23 PM Re: RESPA changes 1-1-10 MN Banker
manylayers Offline
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PA
is the presentation stopping and starting (mostly stopping) for anyone else?

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#1360041 - 03/18/10 06:25 PM Re: RESPA changes 1-1-10 SnuffytheSeal
Reads Regs Offline
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Originally Posted By: respa queen
Originally Posted By: Just Me
Is it just me or has the webcast not started yet? I just have the purple box with the title and says it will start in a minute. It's been that way for 10 minutes now.


I'm blocked from the website - no streaming media <sigh>. Hopefully HUD will post later


We were having problems with Windows media player. We installed the latest version and we still were having issues. The audio would cut in and out and the video would freeze up. We called the number HUD provided for technical assistance and got voice mail. We gave up and will try to access the archived version when it is available. I hope HUD will post a PPT file with the slides they showed.

If anyone is able to successfully view the entire webcast, please let us know if it will be worth our time to view the archived webcast. Thanks.
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#1360049 - 03/18/10 06:35 PM Re: RESPA changes 1-1-10 RR Joker
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Somewhere in the middle
I have a couple of questions about quoting Title insurance for block 4 and OTI for block 5 on Non-Conforming Portfolio loans.


Question 1
If we do not require title insurance of any type on our portfolio loans, is it my understanding from the FAQs and REg that no matter what I would be required to quote OTI since the borrower may choose to go buy it.

Based on FAQ
GFE – Block 5
1) Q: Do loan originators have to provide a price for Owner‘s title insurance on the GFE?

A: Loan originators must provide an estimate of the charge for an Owner‘s title insurance policy in Block 5, "Owner‘s title insurance" on the GFE on all purchase transactions. For non-purchase transactions, the loan originator may enter "NA" or "Not Applicable" in this Block.

Question 2
But in regards to lenders title insurance, since we do not require it, it would not be required to be quoted?

Based on the instructions from the REG for block four:

Block 4, “ Title services and lender's title insurance. ”In this block, the loan originator must state the estimated total charge for third party settlement service providers for all closing services, regardless of whether the providers are selected or paid for by the borrower, seller, or loan originator. The loan originator must also include any lender's title insurance premiums, when required, regardless of whether the provider is selected or paid for by the borrower, seller, or loan originator. All fees for title searches, examinations, and endorsements, for example, would be included in this total. The charge shown in this block is subject to an overall 10 percent tolerance as described above.
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#1360137 - 03/18/10 07:34 PM Re: RESPA changes 1-1-10 DD Regs
Truffle Royale Offline

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I never got a link to print anything from the webcast. Did anyone else? Missed some with cutting out...like right after Vicki Bott started saying 'if you have the contract prior to issuing the GFE then you should....' eek

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#1360149 - 03/18/10 07:38 PM Re: RESPA changes 1-1-10 Truffle Royale
pjs Offline
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oHiO
We had terrible reception - she kept cutting in and out.

The purchase contract - we aren't suppose to look at it- that's what I thought- now she said if you have it then go with what it says on the purchase contract.

Homeowners insurance not showing on a refi threw me. We understood it should be on there regardless. Now it doesn't have to be unless the customer is not up to date on payments????

You can look at the entire website prob will be out there on HUD on Monday.

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#1360153 - 03/18/10 07:40 PM Re: RESPA changes 1-1-10 Truffle Royale
SnuffytheSeal Offline
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State of Confusion
did they say anything about posting it and if so when?
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#1360180 - 03/18/10 07:49 PM Re: RESPA changes 1-1-10 SnuffytheSeal
pjs Offline
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On the HUD website- 48 hours

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#1360204 - 03/18/10 08:04 PM Re: RESPA changes 1-1-10 pjs
Dan Persfull Offline
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Bloomington, IN
Everyone hears things differently but:

Here's some high lights I took from the Webinar:

1. If the consumer does not want to complete an application until they decide they want to proceed with a loan we can issue a generic worksheet of typical charges associated with the loan. The worksheet cannot in any way resemble a GFE or have the words this is a good faith estimate of charges.

2. Pre-approvals - they will be updating the Q&A that says a lender can request documentation to verify information provided on the application for a pre-approval - however if all the necessary information is provided to constitute an application the GFE has to be issued within the 3 business days of receiving the application. Delivering the GFE cannot be dependent on receiving the verification documents.

3. Third party subordination charges are shown in Block 3. Employment verification charges are shown in Block 3. If these charges are learned about after the issuance of the initial GFE they would constitute a changed circumstance allowing the issue of a revised GFE.

4. Title Services and Lenders title insurance in Block 4. They will be updating the Q&A to clarify the itemization of the settlement/closing fee. Currently the Q&A indicates this fee has to be itemized, however according the Webinar this fee only has to be itemized if the title services provider pays a 3rd party to conduct the closing or we use a different provider to conduct the closing other than the title services provider. Therefore since these will now be lump sum charges we do not have to be concerned about including the closing fee in the APR unless it is itemized in the 1100 series.

5. Owners Title Insurance - OTI must be disclosed for all purchase transactions.

6. Block 8 - Transfer taxes - driven by state law.
If state law requires the seller to pay this fee the fee does not have to be disclosed.
If state law divides the fee between buyer and seller the fee the buyer is responsible for under state law must be disclosed
If state law divides the fee between buyer and seller and if you have a sales contract available and it indicates the seller will pay all or a greater portion of the fee than required by state law you must still disclose what state law requires the buyer to pay. In other words you can never disclose less than what is required by state law for the buyer to pay.
If there is no state law governing who pays the fee then 100% of the fee must always be disclosed as being paid by the buyer regardless of the sales contract.
Transfer taxes include intangible taxes, excise taxes, doc stamps, etc. Therefore these taxes in some area can apply to refinances as well as purchases.

7. Block 11 - for homeowners insurance we no longer have to disclose a premium for refinancings and subordinate lien loans unless the premium is coming due and we will require it to be paid as a condition of the closing. You must still disclose homeowners insurance in Block 11 but you will show a $0.00 premium due and you must show $0.00. You cannot use NA.

8. Cure - depending on the "complexity" of the cure you can show it as a credit in the 200 series of the HUD 1 or you can show the cure by line item. The easiest, simplest and the least prone to errors would be disclosing an overall credit in the 200 series and this requires the use of a HUD 1.
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#1360233 - 03/18/10 08:20 PM Re: RESPA changes 1-1-10 DD Regs
DD Regs Offline
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Somewhere in the middle
Originally Posted By: DD Regs
I have a couple of questions about quoting Title insurance for block 4 and OTI for block 5 on Non-Conforming Portfolio loans.


Question 1
If we do not require title insurance of any type on our portfolio loans, is it my understanding from the FAQs and REg that no matter what I would be required to quote OTI since the borrower may choose to go buy it.

Based on FAQ
GFE &#150; Block 5
1) Q: Do loan originators have to provide a price for Owner&#145;s title insurance on the GFE?

A: Loan originators must provide an estimate of the charge for an Owner&#145;s title insurance policy in Block 5, "Owner&#145;s title insurance" on the GFE on all purchase transactions. For non-purchase transactions, the loan originator may enter "NA" or "Not Applicable" in this Block.

Question 2
But in regards to lenders title insurance, since we do not require it, it would not be required to be quoted?

Based on the instructions from the REG for block four:

Block 4, &#147; Title services and lender's title insurance. &#148;In this block, the loan originator must state the estimated total charge for third party settlement service providers for all closing services, regardless of whether the providers are selected or paid for by the borrower, seller, or loan originator. The loan originator must also include any lender's title insurance premiums, when required, regardless of whether the provider is selected or paid for by the borrower, seller, or loan originator. All fees for title searches, examinations, and endorsements, for example, would be included in this total. The charge shown in this block is subject to an overall 10 percent tolerance as described above.


Bump...This may have gotten lost in the discussion of the HUD webinar.

I hope they post new FAQs to certify Dan's summary.
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#1360266 - 03/18/10 08:39 PM Re: RESPA changes 1-1-10 DD Regs
Dan Persfull Offline
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OT has to always be quoted in a purchase transaction.

What do you do in place of requiring title insurance? Do you do a title and lien search, do use a company that guarantees the title up to a certain amount via an affidavit? Any of those charges would be title services and disclosed in Block 4.
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#1360272 - 03/18/10 08:42 PM Re: RESPA changes 1-1-10 Dan Persfull
DD Regs Offline
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The material for todays HUD Webcast is now available here.



http://portal.hud.gov/portal/page/portal/HUD/webcasts/schedule



Thanks Dan, I will have to ask about what if anything is being done. The message I got was "We don't do anyting for title on in house"
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#1360584 - 03/19/10 01:37 PM Re: RESPA changes 1-1-10 Dan Persfull
MN Banker Offline
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Originally Posted By: Dan Persfull

8. Cure - depending on the "complexity" of the cure you can show it as a credit in the 200 series of the HUD 1 or you can show the cure by line item. The easiest, simplest and the least prone to errors would be disclosing an overall credit in the 200 series and this requires the use of a HUD 1.


They also said if doing the credit on page 1, that this would no longer carry over to the comparison chart like the FAQ currently states. So, your comparison chart will still show it as out of tolerance.

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#1360922 - 03/19/10 04:53 PM Re: RESPA changes 1-1-10 MN Banker
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HUD has posted a PPT file of the slides used in yesterday's webcast. http://www.hud.gov/offices/hsg/ramh/res/respaimplement03182010.ppt

They have not yet posted the archived version of the webcast. When they do, it should appear on the following page.
http://portal.hud.gov/portal/page/portal/HUD/webcasts/archives
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#1360936 - 03/19/10 05:03 PM Re: RESPA changes 1-1-10 Reads Regs
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Posts: 90
Would a tax transcript fee be included in box 1 or 3 of the GFE?

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