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Navigating the New GFE and HUD-1
IMF Publications, Feb 2010
Navigating the New GFE and HUD-1 audio conference - An Inside Mortgage Finance Audio Conference Held Wednesday, February 10, 2010
The massive overhaul of Real Estate Settlement and Procedures Act regulations now binds everyone involved in the mortgage origination process. The new centerpiece of RESPA is the Good Faith Estimate, requiring greater lender accountability. The GFE is HUD’s best effort to assure transparency and clarity in consumer disclosures.
However, understanding and implementing all the changes is a major challenge for the industry, which sought to delay implementation. The regulation is very complex, causing compliance fears—and the cost of updating software and training employees to do things in a totally different way—is daunting.
HUD’s been working hard to explain the new GFE and HUD-1 to origination participants, and here is your chance to hear a review of these forms, as well as hear the effects of new rules on your business from prominent, experienced attorneys.
Topics for This 90-minute Session Included:
- Six key loan terms that must be included on the GFE;
- Timeframe required to keep the GFE’s settlement costs open, as well as how long the interest rate may float;
- The 11 categories of settlement costs required on the GFE;
- Different tolerances for three categories of settlement charges;
- What constitutes “changed circumstances,” which may result in an originator providing a new GFE to the borrower, and what doesn’t qualify;
- Disclosure of yield-spread premiums;
- Four important issues “buried” in the regulations that you need to understand;
- How lenders are coping with these changes;
- Why some loan channels are adapting faster than others;
- Working with the new HUD-1 to complement the GFE;
- What all these changes mean for your business;
- Why 'GFE' is really a misnomer; it should be renamed 'BCP' - 'Binding Contract Preview;' and
- HUD’s review of these new documents.
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