12/2009

Application GFEHUD-1Chng Cir/ Tolerance /2009

Row 1, Col 1 This must be provided no later than 3 business days after receipt of the application. What is the Good Faith Estimate? 12/2009

1,2 10 business days How long must the terms of the GFE be available for? 12/2009

1,3 Although the term is not used on the GFE under the new rules, this term is still used on the HUD-1 for lender paid fees. What is POC? 12/2009

1,4 Zero Percent What is the tolerance for origination charge, points, adjusted origination charges transfer taxes? 12/2009

2,1 Name, SSN, Property Address, Estimated Value of the Property, Income, Loan Amount What are the 6 pieces of information required for a RESPA application? 12/2009

2,2 This must be provided with the GFE when the borrower can shop for certain 3 rd party service providers. What is a written list of identified providers? 12/2009

2,3 You have 30 calendar days after settlement to do/provide this. What is a revised HUD-1? 12/2009

2,4 Government recording charges, title services (if title company from our list), services we select, lender’s title insurance, required services from our list that the borrower can shop for. What total of charges have a 10% tolerance? 12/2009

3,1 This must be on the application now (or provided to lender) prior to providing the GFE (we used to issue a GFE without this if we had an application). What is the property address? 12/2009

3,2 This is no longer provided on the GFE. What are property taxes, estimated funds to close, POC, signature lines? (any of these is a good answer) 12/2009

3,3 If the borrower chooses to obtain a survey not required by the lender or the title company, the charge gets listed on this line of the HUD-1. What is a blank line in the 1300 series? 12/2009

3,4 An inadvertent error (i.e. typo) on the Good Faith Estimate. What is NOT a changed circumstance? 12/2009

4,1 This fee can be collected with the application prior to providing the GFE to the applicant. What is the credit report fee? 12/2009

4,2 This MUST be listed on the GFE although in a purchase transaction it may not always be paid for by the borrower. What is the owner’s title policy? 12/2009

4,3 When the GFE indicates a fee payable by the borrower that is later payable by someone else (other than a no cost loan), this fee is itemized this way on the HUD-1. What is an off-setting credit on lines ? (fee goes on appropriate line, then credit back on lines ) 12/2009

4,4 After a GFE is issued, it is determined that an add’l service is required (i.e. termite treatment, survey, upgraded appraisal, septic or well inspection). What IS a changed circumstance? 12/2009

5,1 After receiving the application, the loan originator must receive this from the applicant (after GFE provided) before it may collect fees (other than cr. rpt.), and before requesting verification documents. What is intent to proceed? 12/2009

5,2 When you provide the GFE, but the rate is not locked, and you lock the rate at a later date, you must provide this once the rate is locked. What is a revised GFE? 12/2009

5,3 Where you list a correction on the HUD-1 due to a tolerance violation. What is a credit in the 200 series of the HUD-1 (or what is a POC on the specific line item)? 12/2009

5,4 Appraiser raises all of his fees across the board. They are higher than what you disclosed on the GFE to a number of borrowers. What is NOT a changed circumstance? 12/2009