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THE NEW HUD-1, GFE, and MDIA act of 2009
I hope everyone is enjoying the holidays, and I trust you are all ready for the new changes that the government will implement in 19 days... in case you have not heard, read on... you may want some asprin, adult beverages, and a chair... its gonna be a little hairy:
MDIA 2009- Mortgage Disclosure Improvement Act of 2009
In June of 09 this law went into effect. It says that a buyer/borrower must have a GFE/TIL in their possession for at least SEVEN business days before they can close. After the seventh day, they can close unless the closing package shows an APR which is .125% higher than the GFE/TIL which was disclosed after application. If there is a change, then the bank must reissue a new GFE/TIL and wait three more business days before they can try to close again.
The buyer cannot opt out of this, and these are business days- not calendar days... What changes can cause this variation of APR? Attorney Fees, Title Insurance, Lender Fees..
 
RESPA Reform of 2008- NEW HUD-1 and GFE
On Jan 1, 2010 the new respa reform rules go into effect. The thrust of the new rules are as follows:
1. Changes ... more

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