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#1453325 - 10/08/10 11:21 AM Multiple collateral securing RESPA applicable loan
Pickles Offline
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Joined: Apr 2006
Posts: 275
Beach Bum, East Coast, USA
If two 1-4 family residential dwellings secure a RESPA applicable loan do we prepare two GFE disclosures representing each address and one HUD1? And if so, how should we list the multiple fees on the HUD1 (e.g.; 2 property searches, 2 flood determinations, etc).
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#1453380 - 10/08/10 01:35 PM Re: Multiple collateral securing RESPA applicable loan Pickles
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
You need a GFE and HUD for each transaction, not each property.

We would list both properties on the HUD.

If the appraisals were $350 each we would list $700 in Block 3 and on Line 804.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1453441 - 10/08/10 02:35 PM Re: Multiple collateral securing RESPA applicable loan Dan Persfull
Pickles Offline
Gold Star
Joined: Apr 2006
Posts: 275
Beach Bum, East Coast, USA
Thanks, Dan. Should we list both property addresses on one GFE?
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