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#1368137 - 04/01/10 07:52 PM Loan Cost Worksheet/RESPA
Busy Bee, CRCM Offline
Diamond Poster
Joined: Feb 2004
Posts: 1,089
Is anyone else using a separate "Loan Cost Worksheet" that they give to potential applicants prior to issuing a GFE? We've developed a worksheet that we have not started using yet (it has the "This is not a GFE" statement on it and outlines the fees/costs that could be incurred).

Here is my question for those that may be using something similar.....are you keeping a copy of this in the loan file?

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#1368234 - 04/01/10 09:10 PM Re: Loan Cost Worksheet/RESPA Busy Bee, CRCM
RolTyde Offline
Joined: Nov 2008
Posts: 78
Anywhere but here
We keep a copy in our file so that we can have a break down of the fees quoted on the GFE. We sell our loans on the secondary market and our lenders require that we provide them a loan fee sheet.

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#1368253 - 04/01/10 09:31 PM Re: Loan Cost Worksheet/RESPA RolTyde
Brock Offline
100 Club
Joined: Feb 2010
Posts: 217
Columbia, MO
We are in pretty much the same situation as RolTyde. We issue a worksheet prior to obtaining an address and then we issue an updated worksheet once the address is actully obtained along wiht the GFE. As RolTyde said, this is used to show an itemization of the fees that make up each category as well as giving a cash to close scenario with seller paid fees taken into account. And we do retain this in the loan file as our investors also require it. One interesting note is that our software provider originally had all the line item numbers on the worksheet, but they recently removed them presumably upon HUD's advice.

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#1368282 - 04/01/10 10:08 PM Re: Loan Cost Worksheet/RESPA Brock
Reads Regs Offline
Diamond Poster
Joined: Nov 2004
Posts: 2,292
If you haven't viewed HUD's archived RESPA webcast from 3/18/10 and its materials, you might want to do so. HUD discussed worksheets.
Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

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