We have a loan closing that is a purchase transaction. On this loan the processor forgot to put the owner's insurance on the GFE. Error noted per the F.A.Q.s page 33 GFE-Block 5 #1 that says it is required on all purcahse transactioin to be on the GFE. Question is, is Owner's insurance required to be on the HUD? For this transaction we have, there will not be owner's insurance. Is this something that is also required in all purchase transactions. I can not find it in the F.A.Q.s.
#1397875 - 05/28/1007:49 PMRe: ASAP Owner's Title Insurance jme3
raitchjay
Power Poster
Joined: Oct 2009
Posts: 9,103
OK
If it's not required in your state and isn't being purchased, then it doesn't go on the HUD-1. Would be a technical error for being left off the GFE (IMO).
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