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
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