Thursday, March 4, 2010

RESPA 2010 - purchase with a 1st and 2nd mortgage

We are getting ready to close our first simultaneous 1st and 2nd under the new rules.  Our buyer is getting a line of credit 2nd mortgage and as far as I know, drawing the whole line now for closing.

When we got the title order, we checked the RESPA FAQ and saw on page seven that there should be TWO GFEs and TWO HUD-1 forms.  We asked the lender for both GFEs and held back delivery of the title

RESPA 2010 - purchase with a 1st and 2nd mortgage

We are getting ready to close our first simultaneous 1st and 2nd under the new rules.  Our buyer is getting a line of credit 2nd mortgage and as far as I know, drawing the whole line now for closing.

When we got the title order, we checked the RESPA FAQ and saw on page seven that there should be TWO GFEs and TWO HUD-1 forms.  We asked the lender for both GFEs and held back delivery of the title