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January 1, 2010

By
Mortgage and Lending with Guaranty Trust

January 1, 2010

Are you aware that HUD has guideline changes coming January 1, 2010?  Well, they do.  As for Realtors this will propably not affect you as much as the lenders and the title companies.  What are the changes you ask?  Well to start, the 1 page Good Faith Estimate will now be 3 pages.  Second, the final HUD (Settlement Statement) which is now 2 pages will also be 3 pages.  Mortgage Brokers will now have to disclose their YSP (Yeild Spread Premium.)  Tolerance limits, basically the lender must be fairly exact in the charges and fees on the Good Faith Estimate or we (the lenders) will have to pay the difference. 

January 1, 2010 will be a new era in the mortgage industry.  HUD has been trying to make changes for years.  This is planned to be rolled out January.  There is a possibility it will be postponed, unlikely but possible none the less.

Here is the new Good Faith:  http://www.hud.gov/content/releases/goodfaithestimate.pdf

Here is the new HUD:  http://www.hud.gov/content/releases/hud-1.pdf

Complete guidelines:  http://www.hud.gov/offices/hsg/ramh/res/resparulefaqs.pdf

Be patient as we implement these changes at the beginning of the year:)

Amy Wood

Mortgage Loan Officer

Guaranty Trust

Phone 615.907.2611

Cell  615.796.9589

Fax 615.895.5174

amy.wood@guarantytrust.com

Posted by

Amy Wood

 

 

 

Comments (2)

Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

Great information.  Thanks for the links. We all need to be prepared to answer the inevitable questions. 

Oct 22, 2009 03:44 AM
Amy Wood
Guaranty Trust - Murfreesboro, TN

Thanks Don, I think the changes are a good thing.  Good luck with it :)

Oct 22, 2009 04:48 AM