There is probably nothing associated with the new RESPA regulation that is causing mortgage originators more headaches than the disclosure of origination charges on the new Good Faith Estimate (“GFE”) and Uniform Settlement Statement (“HUD”). …
In the last two years, the mortgage lending industry has undergone dramatic changes to meet new regulatory requirements and customer expectations. As with any major change in an industry, this wide-sweeping event has created opportunities for companies entering the lending arena,…
On January 20, 2010, FHA announced several policy changes designed to strengthen its capital reserves. The changes are the latest in a series of changes designed to help FHA mitigate risk while fulfilling its mission to expand homeownership. The changes include:
For more information about these changes see FHA’s press release located at: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016…
DocuTech has launched a new section to its compliance web page where users can find information that will help them comply with the new changes to RESPA. The resources found on this web page include:
Recordings and PDF files from the RESPA webinars DocuTech presented on the new Good Faith Estimate and the new HUD-1 Settlement Statement….
The third page of the HUD-1/A Settlement Statement (“HUD”) contains the comparisons of fees disclosed on the GFE and the HUD and a restatement of the loan terms which were first disclosed on page one of the GFE. …
The NY Pre-Application Disclosure for Licensed Bankers (Cx5100) has been updated according to statute 3 NYCRR 38.3(b)(1) to include the following required information regarding discount points:
DISCOUNT POINTS:
Discount points should lower the interest rate paid on the loan but may not lower the overall cost of the loan….
A new SC Mortgage Loan Originator Unique Identifier Addendum (Cx14667) will start to print in all South Carolina Initials, TILA Redisclosure, and Closing packages starting 1/5/2010. The document is to comply with the new requirements of SC Code 37-22-210(F) which requires the unique identifier assigned by the Nationwide Mortgage Licensing System and Registry on all mortgage loan forms….
A new FHA Mortgage Loan Correspondent Disclosure (Cx14650) was added to ConformX loan packages on 1/1/2010.
Per 3 NYCRR 38.13(d), the following language should print for all NY FHA Initial Disclosures:
“I am an approved FHA Mortgage Loan Correspondent….
The Uniform Residential Loan Application (FNMA Form 1003/FHLMC Form 65, Cx4193) has been updated to the latest version, required 01/01/2010. The “Interviewer” area has been updated to become a “Loan Originator” section. The changes stem from the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act)….
On December 30, 2009 HUD published Mortgagee Letter 2009-53 which removes the 1% origination fee cap on FHA-insured loans.  This change was made to be consistent to changes to the way origination fees are disclosed on the new Good Faith Estimate required on January 1,…
