hud1 and gfe: Shoppng for settlement services, does that really happen? - 07/12/11 01:57 AM
Since the beginning of 2010 rwe have all been using the "new" HUD-1 settlement statement. The purpose of this revised HUD was supposed to enable consumers to make informed decisions relating to the cost of thier real estate transaction. The THEORY was sound, the end result though is that nothing has changed. EXCEPT that in some cases the consumer is actually paying MORE for settlement services than they may have been post 2010. Prior to the revised HUD an agent or lender would call our office, request a preliminary HUD and presumably would then share the ITEMIZED costs with the consumer. … (0 comments)

hud1 and gfe: A WELCOME LETTER FROM A LENDER RELATING TO ADVANCE DELIVERY OF CLOSING INSTRUCTIONS - 06/23/10 08:38 AM
I received a letter today from a lender with whom we do business here in Maryland.  This lender has taken it upon themselves to send us and other title agents with whom they do business a letter describing their new closing guidelines based on Fannie Mae's "Loan Quality Initiative". The lender was kind enough to send us a copy of Fannie Mae's Announcement SEL-2010-1 which includes FAQ's relating to this new initiative.
The letter describes new policies that this lender has put into place to enable them to have their pre-Funding Review Auditors review and examine the entire loan closing package, … (1 comments)

hud1 and gfe: THE NEW GFE- Will HUD finally listen to consumers and professionals? - 04/23/10 06:22 AM
An article written by Adrian Sainz, of the Associated Press on April 23, 2010 (see entire article below) brings back a question that I had last year when we were all scrambling to get our computer software up dated to accomodate the new HUD-1, GFE and other related documents that we would need to start to use in January of this year.
I have never believed that the new GFE and HUD are aiding the consumer in thier quest to find the most affordable loan program and this article brings home my point.
The new HUD and GFE are structured in such … (0 comments)

hud1 and gfe: RESPA REFORM and the REALTOR - 01/05/10 06:35 AM
For some months now we have all been discussing the new HUD-1 settlement statement.  This new settlement statement will work in conjunction with the new GFE provided to borrowers by the mortgage lenders at the time of application. 
I really was of the impression that most of my peers here in Maryland had availed themselves of  the same training sessions offered by the various underwriters and by HUD so that they would have a full understanding of the new document and it's impact on the closing of residential real estate. 
After discussion with several of my peers locally however, I find that this … (0 comments)