Under RESPA (Real Estate Settlement Procedures Act), should a lender list a charge for appraisal on the Good Faith Estimate (GFE) if the firm is using a prior appraisal that will not be charged to the borrower?
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Under RESPA (Real Estate Settlement Procedures Act), should a lender list a charge for appraisal on the Good Faith Estimate (GFE) if the firm is using a prior appraisal that will not be charged to the borrower?
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“A good REALTOR® should understand financing and be able to crunch the numbers himself to help his buyer understand the mortgage options,” said Melanie McLane, who will teach “Dollars and Sense” at Triple Play REALTORS® Convention and Trade Expo, December 7.
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Nine months after the mortgage industry was forced to adopt new Good Faith Estimates (GFE) and HUD-1 forms, Bankrate.com reports that the new forms are working, providing consumers with more accurate closing cost estimates.
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REALTORS® should now be working with the new Good Faith Estimate (GFE) and HUD-1 forms and they need to understand the changes to the two forms and how those changes can impact their buyers and them.
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If you’re following the evolution of amendments to RESPA (Real Estate Settlement Procedures Act), you know that HUD's responses to industry, consumer and governmental requests to delay implementing these changes has been “no dice.”
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All REALTORS® should know that there are going to be substantial changes in RESPA, and soon! HUD has drastically changed the Good Faith Estimate (“GFE”) that it requires all lenders of federally related, residential mortgages to prepare.
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On January 1, 2010, all residential real estate practitioners can expect to see a new Good Faith Estimate and a new HUD-1 Settlement Statement. Brett Woodburn, PAR’s legal counsel with Caldwell and Kearns has the latest in this podcast.
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Revisions to the Good Faith Estimate and the HUD-1 may actually make settlement smoother for buyers and their agents.
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