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#1406665 - 06/22/10 04:37 PM Another Question - Sorry
Tesla Offline
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I have a bunch of applications in 2009 that closed in 2010. The GFEs are, of course, dated in 2009. The FAQs say you can use an old HUD-1 if you used an old GFE - if the terms and charges are the same. April FAQ - page 6 #3

So, I take that to mean, the old GFE should match the old HUD-1, right? For instance, the old GFE says the appraisal is $500, the old HUD-1 should say $500 too, right? What if it doesn't? What if the old GFE says the appraisal is $500, but the old HUD-1 says $650. How do you cure this? Do you create a new GFE and HUD-1 to determine the total number of items off and then determine if you are within the tolerance for that category?
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RESPA
#1406667 - 06/22/10 04:41 PM Re: Another Question - Sorry Tesla
Truffle Royale Offline

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Remember the good old days where if a fee went up you just put it on the HUD that way? Tolerances didn't exist and cures hadn't been invented yet. Just put everything to do with the new RESPA out of your mind and prepare the HUD on the old form.

You do NOT want to use any of the new forms for GFEs or HUDs or you subject yourself to the new rules and have to do everything on the new forms AND give cures.

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#1406673 - 06/22/10 04:46 PM Re: Another Question - Sorry Truffle Royale
Tesla Offline
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I hear ya! smile But if a fee changed, doesn't this FAQ say you are supposed to re-disclose or am I reading too far into this?
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#1406696 - 06/22/10 05:20 PM Re: Another Question - Sorry Tesla
Truffle Royale Offline

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The new RESPA and the accompanying FAQs do NOT apply to GFEs given in 2009.
You're trying to make orange juice out of apples here, SkiDoo!!! wink

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#1407789 - 06/24/10 06:25 PM Re: Another Question - Sorry Truffle Royale
West Coast Comp Offline
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Lost in the rain.
Ranger is right. You are operating under the old rules. The FAQ's don't exist as far as your concerned.
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#1408367 - 06/25/10 05:40 PM Re: Another Question - Sorry West Coast Comp
Tesla Offline
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OK- I SWEAR cry I am trying to understand this! I have read the FAQs and most of the regulation but I just can't get it to click in my head!!!

New situation:
If applicant submits application on 12/1/2009, we provide GFE on 12/2/2009, on 12/15/2009 we find out value of home too low and counteroffer- what rules do we follow? The old rules and just close as normal, right? But there is a new application in file, dated 1/2/2010, (required by the investor), so now what? Can you still close under the old rules - referring back to the old application with the old amount?

I think I am going crazy...
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#1408369 - 06/25/10 05:43 PM Re: Another Question - Sorry Tesla
Truffle Royale Offline

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Why the hedoubletoothpicks did the INVESTOR want a new application??!!! Especially on a loan that stradled 2009-10??!!! Need a little more info before I can help you on this one, SkiDoo. Or you can pm me and we can hash it out.

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#1408382 - 06/25/10 06:00 PM Re: Another Question - Sorry Truffle Royale
Tesla Offline
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I PM'd you. (thought that might be easier) smile
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#1408387 - 06/25/10 06:05 PM Re: Another Question - Sorry Tesla
RR Joker Offline
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The Swamp
Is the "new" application just a formality due to the loan amount changing? YOu couldn't have just marked out the original amount, changed it and had the borrower initial it and the date of the change? Why a brand new app?
Last edited by RR joker; 06/25/10 06:05 PM.
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#1408469 - 06/25/10 07:45 PM Re: Another Question - Sorry RR Joker
Tesla Offline
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Yep - RR Joker - TR helped me figure this file out, but thanks for replying. I appreciate it!!
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#1408514 - 06/25/10 08:09 PM Re: Another Question - Sorry Tesla
RR Joker Offline
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TR! What happened to Ranger...were you tooooo confusing to folks?
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#1408623 - 06/25/10 10:08 PM Re: Another Question - Sorry RR Joker
Truffle Royale Offline

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Ranger vanished...just like he does in the books. He never stays around long, Babe. wink

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#1408827 - 06/28/10 03:58 PM Re: Another Question - Sorry Truffle Royale
RR Joker Offline
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RR Joker
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The Swamp
True.
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