In a bizarre move....

we had a lender overfund a closing then ask that we change line 802 on the HUD...AFTER closing.


What?

In a bizarre move....

we had a lender overfund a closing then ask that we change line 802 on the HUD...AFTER closing.


What?

the unintended consequences of RESPA 2010 and the new HUD

For once unintended consequences are POSITIVE.  Yes, positive.  I sure don't think they intended to do this but by creating a uniform method for GFE disclosure which flows to a uniform method of HUD prep, we in the title world are enjoying UNIFORMITY of INSTRUCTIONS.  I love it.

What was it that everyone hoped to gain with UNIFORM CLOSING INSTRUCTIONS?  Uniformity, right?  Well, guess what? 

the unintended consequences of RESPA 2010 and the new HUD

For once unintended consequences are POSITIVE.  Yes, positive.  I sure don't think they intended to do this but by creating a uniform method for GFE disclosure which flows to a uniform method of HUD prep, we in the title world are enjoying UNIFORMITY of INSTRUCTIONS.  I love it.

What was it that everyone hoped to gain with UNIFORM CLOSING INSTRUCTIONS?  Uniformity, right?  Well, guess what? 

query: new GFE - FHA MIP refund

This is entirely an educated guess on my part.  I would say you would NOT show the refund on the GFE.  I think you would show it on your Cash to Close Summary or Details of Purchase on the 1003.  I do hope everyone is working with a Cash to Close Summary so that consumers have a clear understanding of the anticipated bottom line.  This is where you would show the seller assist, right?

On the HUD

query: new GFE - FHA MIP refund

This is entirely an educated guess on my part.  I would say you would NOT show the refund on the GFE.  I think you would show it on your Cash to Close Summary or Details of Purchase on the 1003.  I do hope everyone is working with a Cash to Close Summary so that consumers have a clear understanding of the anticipated bottom line.  This is where you would show the seller assist, right?

On the HUD

IRS and the HUD-1 and the tax credit...what do you think?

Here's a little e-mail chat with a reader trying to help her client.  I am very interested to hear your thoughts on this issue of the IRS requiring that all signatures must be on one piece of paper.

Diane,
I have a client that is filing the IRS Form 5405 to claim the First Time Homebuyers Credit.   She has a HUD1 that is lacking the seller’s signature.  She has contacted the settlement agent’s