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#1354579 - 03/09/10 08:19 PM Re: RESPA changes 1-1-10 Truffle Royale
small town girl Offline
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Could you please tell me where to find where HUD says the work number would go in block 3? I've been looking and I can't find it. I'd like to have it to document why we did what we did. Thanks.

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RESPA
#1354595 - 03/09/10 08:38 PM Re: RESPA changes 1-1-10 small town girl
RR Joker Offline
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small town...it was in an email response to TR...it's not written anywhere. However, it makes logical sense.
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#1354601 - 03/09/10 08:42 PM Re: RESPA changes 1-1-10 RR Joker
SnuffytheSeal Offline
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New Question - In the olden days, in those cases where we had to produce closing packages multiple times - in most cases, where the borrower would repeatedly change their minds about when they were going to close - we would charge what we called a "re-draw" fee. The idea was that the borrower would be more realistic about the closing date when there was a penalty fee invovled.

Can I consider this a changed circumstance, and if so where would I put it?
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#1354831 - 03/10/10 01:19 PM Re: RESPA changes 1-1-10 SnuffytheSeal
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I think Truffle and I talked about this one time, so she may have a different solution. But as I see it, it would be a Block 1 fee that can't change, at least not under those circumstances. I'm not really sure how such a fee would be able to be charged.
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#1354850 - 03/10/10 01:48 PM Re: RESPA changes 1-1-10 RR Joker
Mrs. Rizzo Offline
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Curled up by the fire...
(Repeat)
Just curious...
Is anyone NOT counting the YSP being earned on a loan for the points and fees test?
For example, if the broker chooses not to keep all of the YSP on a loan, are you still using the total amount in your calculation or only the portion the broker is retaining?
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#1355031 - 03/10/10 03:57 PM Re: RESPA changes 1-1-10 SnuffytheSeal
Truffle Royale Offline

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respa queen -

We haven't hit a borrower requested redraft fees yet but,imo, it would be a changed circumstance and would go in Block 2 as a cost of getting the rate. That's how we handled a borrower requested extension fee.

If someone else has a better idea, please let me know. I'm just trying never to touch Block 1.

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#1355106 - 03/10/10 04:34 PM Re: RESPA changes 1-1-10 Truffle Royale
#Just Jay Offline
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Here is an answer I got from HUD to a question:

Quote:
In the 200’s on Page 1 of the HUD-1 it states “Charges paid BY or in behalf of the Borrower.” Since the borrower paid, this is where the POC goes not on page 2. “POC” Borrower.


Has anyone ever put a POC on page 1??
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#1355200 - 03/10/10 05:36 PM Re: RESPA changes 1-1-10 #Just Jay
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New Orleans, La.
If a loan is exempt from RESPA, it is optional for us to use a HUD form. If we choose to, in fact, use a HUD form for a non-RESPA loan that is closing in 2010, which HUD form do we use ... the old one or the new one?

If we have to use the new one, wouldn't that mean that we would also have to provide a GFE in order for the GFE information to be put on the new HUD form or do we simply use the new form and not fill out the GFE info.
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#1355220 - 03/10/10 05:54 PM Re: RESPA changes 1-1-10 Compliance Chick
RR Joker Offline
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If I attempted that, I'd use the old one.
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#1355252 - 03/10/10 06:24 PM Re: RESPA changes 1-1-10 RR Joker
MarieR Offline
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We have some attorney's that are using the old HUD on nonRESPA covered loans.
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#1355255 - 03/10/10 06:26 PM Re: RESPA changes 1-1-10 MarieR
#Just Jay Offline
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Cheeseheadland
We use the current one, and just toss page three.
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#1355400 - 03/10/10 08:16 PM Re: RESPA changes 1-1-10 OldSchoolBanker
#Just Jay Offline
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Cheeseheadland
Is anyone not completing box 11 (homeowners insurance) for refi's and consumer loans, just for purchases only?

Or are you always making a quote for homeowners regardless?
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#1355407 - 03/10/10 08:25 PM Re: RESPA changes 1-1-10 #Just Jay
manylayers Offline
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manylayers
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PA
if the policy is due to expire within 3 months we list it....if we aren't sure, we list it....better to have it on there than not and need to add it later.

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#1355414 - 03/10/10 08:32 PM Re: RESPA changes 1-1-10 manylayers
David Dickinson Offline
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Central City, NE
I don't see any logic in listing it if the insurance is due to expire. What if it's 4 months? Why draw the line there?

The regulation is pretty clear that you must list all settlement services. When they are paid is not a factor.
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#1355418 - 03/10/10 08:35 PM Re: RESPA changes 1-1-10 #Just Jay
TB 12 Offline
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Originally Posted By: Just Jay
Here is an answer I got from HUD to a question:

Quote:
In the 200’s on Page 1 of the HUD-1 it states “Charges paid BY or in behalf of the Borrower.” Since the borrower paid, this is where the POC goes not on page 2. “POC” Borrower.


Has anyone ever put a POC on page 1??


If it is a loan related POC, it should be on page 2. I would think the 200's may show, for example, taxes paid on behalf of borrower but not a loan related fee.
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#1355425 - 03/10/10 08:41 PM Re: RESPA changes 1-1-10 TB 12
Mrs. Rizzo Offline
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Curled up by the fire...
Originally Posted By: Sox in 07
Originally Posted By: Just Jay
Here is an answer I got from HUD to a question:

Quote:
In the 200’s on Page 1 of the HUD-1 it states “Charges paid BY or in behalf of the Borrower.” Since the borrower paid, this is where the POC goes not on page 2. “POC” Borrower.


Has anyone ever put a POC on page 1??


If it is a loan related POC, it should be on page 2. I would think the 200's may show, for example, taxes paid on behalf of borrower but not a loan related fee.


I agree with Sox here. We are listing them on page 2.
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#1355463 - 03/10/10 09:34 PM Re: RESPA changes 1-1-10 Mrs. Rizzo
#Just Jay Offline
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Cheeseheadland
I agree, and he (Anthony) recanted his no POC on page two nonsense.
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#1355465 - 03/10/10 09:35 PM Re: RESPA changes 1-1-10 David Dickinson
#Just Jay Offline
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Cheeseheadland
Originally Posted By: David Dickinson
I don't see any logic in listing it if the insurance is due to expire. What if it's 4 months? Why draw the line there?

The regulation is pretty clear that you must list all settlement services. When they are paid is not a factor.


Right, but then I get this from HUD today:

Quote:
The HUD-1 can be used in the same manner, but on refinances Homeowner’s insurance does not have to be disclosed on the GFE for refinances since the lender may presume that the borrower is up to date on their insurance, even though you require it to be paid. If not then you can issue a revised GFE based upon changed circumstances if the borrower was not updated on the GFE and show on the HUD-1 the payments that were due prior to closing in the same manner as a purchase.


Since when are we allowed to presume anything???
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#1355636 - 03/11/10 02:05 PM Re: RESPA changes 1-1-10 #Just Jay
RR Joker Offline
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OMG! This just gets crazier and crazier. We quote a year's worth of insurance regardless of the type of loan or when it's due. Always have.

To add to this, however...do any of you see any sane reason for additionally listing it as POC on the HUD? Or a credit report, flood or anything else you didn't actually order?
Last edited by RR joker; 03/11/10 02:06 PM.
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#1355638 - 03/11/10 02:06 PM Re: RESPA changes 1-1-10 RR Joker
Sinatra Fan Offline
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New Jersey
Originally Posted By: RR joker
OMG! This just gets crazier and crazier. We quote a year's worth of insurance regardless of the type of loan or when it's due. Always have.


Same here.
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#1355659 - 03/11/10 02:39 PM Re: RESPA changes 1-1-10 Sinatra Fan
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Foxboro
We do as well, and will continue to do so.
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#1355763 - 03/11/10 03:44 PM Re: RESPA changes 1-1-10 TB 12
#Just Jay Offline
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Cheeseheadland
big arguments about it here... not sure what we will do.
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#1356301 - 03/11/10 09:38 PM Re: RESPA changes 1-1-10 #Just Jay
river girl Offline
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Management just came to me and said we are signing an agreement with a company to assist us in doing FHA loans.
In the agreement is a statement that all loans closed will be assessed a pre-purchase, post closing review fee of $399.
This fee will be passed to the consumer.
Would I put this in as an admin fee so in block 1?
Management also wants to know if they can up the rate 1/8 and not pass this fee to the consumer and then not list anywhere? I told them no. Is that correct?

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#1356372 - 03/11/10 10:43 PM Re: RESPA changes 1-1-10 river girl
Ninky Offline
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Ninky
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Posts: 357

Do added p.o.c. charges constitute a change in circumstance? After providing the initial GFE, if we accept a current appraisal from our borrower that he already paid for to determine value, does this qualify as a change in circumstance? We do not require the appraisal, but the borrower has provided it to help prove his property value. There is no increase in charges, so do we need to re-disclose? (Our appraisal dept. reviews the appraisal.)

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#1356420 - 03/12/10 12:10 AM Re: RESPA changes 1-1-10 Ninky
rlcarey Offline
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Galveston, TX
"if we accept a current appraisal from our borrower that he already paid for to determine value"


That might not be the best of examples, as the appraisal rules would not allow you do that.
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