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#206998 - 07/01/04 11:06 PM Assumptions
Kahola Offline
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Kahola
Joined: May 2001
Posts: 712
Scottsdale, AZ. 85255
I know that assumptions are subject to RESPA if the lender must approve the new borrower. So does this mean that we must give them a HUD-1 in addition to other RESPA disclosures?

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Lending Compliance
#206999 - 07/02/04 12:15 PM Re: Assumptions
Anonymous
Unregistered

I think so. The instructions for preparing the HUD-1 indicate that Line 203 is for disclosing an existing loan that the new borrower is assuming.

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