08/11/2008
Our compliance officer has indicated taxes and insurance should be listed as a POC on the HUD and Good Faith Estimate. Since property taxes in our area are paid in arrears and verification is obtained that taxes for previous periods have been paid prior to closing, why then list as a POC? If this is the case, why wouldn't we list taxes for all previous years since they are also required to be paid as a condition of the loan?
04/21/2008
When you receive a loan from a mortgage broker, and they have already given a good faith, is it necessary for the bank to provide another one?
03/14/2008
In 2004, when HUD withdrew its controversial July 29, 2002, proposal "Simplifying and Improving the Process of Obtaining Mortgages to Reduce Settlement Costs to Consumers," no one believed it w
12/10/2007
This is a RESPA question regarding Reg B. If the good faith estimate failed to disclose an appraisal fee and the final HUD-1 reflects the borrower was charged and paid an appraisal fee, is the fee subject to reimbursement to the borrower due to the lender failing to disclose the fee as a cost of obtaining the loan?
05/28/2007
Is the Truth in Lending Disclosure a mandatory early disclosure in addition to the Special Information booklet, Good Faith Estimate and the Mortgage Servicing Disclosure?
09/12/2006
06/05/2006
Someone told me that the monthly condo fee must now be disclosed on the Good Faith Estimate and the Settlement Statement as a P/O/C by borrower (line 904) as this is a cost incurred by them at closing. Is this correct? I have not heard this or been able to find documentation of this anywhere. The only time we show the condo fees is on a purchase on the front of the Settlement Statement if it's being pro-rated between buyer and seller. Please advise.
05/01/2006
Do I need to send a good faith estimate on a 12 month interest only loan, being used to do a cash out refinance on a first mortgage to consolidate debt and home improvement, with the plan on the loan being paid by another financing source? Is this considered temporary financing?
02/27/2006
A mortgage company has approached our bank wanting to pay a specific employee a referral fee, if we would forward real estate loan applications we have turned down to them. I do not see how this is a legal process given Section 8 of RESPA's prohibition of referral fees. The only way I can see it would be legal, is if forwarding the application to the mortgage company would not be defined as a settlement service. I think it would be.
01/16/2006
I've been constantly running into a "You are not in compliance" issue in the company where I started working recently. Let's say I sent the application package to my client dated 12/01/2004. The client send the signed and dated package back one month later. My processor is insisting that the client should've dated it within 3 days. Otherwise, it's not in compliance. I think it does not make sense. If I send the package by regular mail it can take 5 days to deliver it, not to mention that the client may not sign it right away, and then it will take another 5 days to get the package. Please explain this 3 days compliance thing. I don't think my processor is interpreting it correctly.