RESPA Reform Tips

By
Services for Real Estate Pros with Scanlon Signing Services
RESPA Reform Tips  

lisa by car Here are some tips for signing agents who will be dealing with the new HUD settlement statements and Good Faith Estimates.   You may continue to see the old HUD and GFE through out the spring if the loan application was taken prior to 1-1-10. Any applications taken 1-1-10 and after are required to use the new forms. The new GFE is pretty much unchanged. The new HUD is longer and has more information but is easier for the borrowers to compare closing costs. The first page is the same, the 2nd page after each charge is listed the line # for the corresponding item from the GEF appears. Line 1101 will show the total of the charges reflected in the 1100 series. The same for line 1201 and 1301. The fees will be broken down for that section. The 3rd page compares GFE and HUD charges at the top. The bottom of page 3 goes over all the loan terms. Also if the lender has exceeded any tolerances there will be a lender credit listed on the HUD or the lender has 30 days to issue a refund check to the borrower.   I hope these tips help.

 

Sincerely,

Lisa Scanlon, CSA

941-447-7130

Scanlonsigningservices@yahoo.com

www.scanlonsigningservices.com

 

 

 

Comments (5)

Barbara Kornegay
REMAX Essential - Wilmington, NC
Wilmington NC Real Estate, Homes

Good information!  Thanks!

Feb 03, 2010 10:50 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is good information for consumers and agents. Thanks for the post.

Feb 03, 2010 10:50 PM
Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

Thanks LIsa it does help. WQhat I worry about in all these changes ins an error in something that is not supposed to change and the potential fall out. We will have to see how this all shakes out

Feb 03, 2010 10:51 PM
Eldon Hendrix
Hendrix and sons Home Inspections - Holiday, FL

Good information, Lisa.  I'll pass this on to others.  Have a great week.

Eldon

Feb 04, 2010 05:20 AM
Elizabeth Foust
Keller Williams Realty - Santa Rosa, CA

Thank you Lisa.  I personally love the new form, especially page three.  It quickly spells out all important info on the loan ie: Payment of Principle, Interest, Mortgage Insurance if any, Loan amt., Interest Rate, Impounds, Final Monthly Payment, and even answers questions regarding the loan such as: "Will there be a pre-payment penalty?".

Very client friendly.  I love it!

Elizabeth

Apr 25, 2010 09:58 AM