|
Provided by: Lorman Education Services Understanding the New GFE and HUD-1/IA Settlement Statements |
 |
Training
Provided by Lorman Education Services
nEffective January 1, 2010, all residential mortgage loan originators will have to change their loan origination forms and procedures to comply with a new rule recently adopted by the U.S. Department of Housing and Urban Development. The new rule dramatically changes both the Good Faith Estimate and the HUD-1 and HUD-1A Uniform Settlement Statements required by the federal Real Estate Settlement Procedures Act and creates significant new responsibilities and potential liabilities in connection with the preparation and provision of those forms. No loan originator can afford to do business after year-end without a complete understanding of the changes brought about by the new rule, which will take considerable time and effort to implement.
n
nThis teleconference will explain these changes in detail and help loan originators plan how they are going to operate in compliance with these new and important requirements.
|
|
||||||||||
Understanding the New GFE and HUD-1/IA Settlement Statements
Agenda
- The New GFE
- Page One - The Offer Sheet
- Page Two - The Fee Breakdown
- Page Three - General Information and Tradeoff Table
- When Must You Give GFE? When Have You Received an Application?
- What Tolerances Apply to GFE Estimates?
- What Are Changed Circumstances?
- The New HUD-1/1A
- Changes to Fee Disclosures
- New Comparison Page - In Lieu of Proposed Closing Script
- Operational Issues
- GFE Disclosure of Interest Rate
- Brokered Loans
- Need to Give Multiple GFEs
- Customer Confusion
- Other Issues
- Effective Date
- Enforcement and Private Right of Action
- Coordination With TILA
- State Law
- Questions and Answers
About The Training Provider: Lorman Education Services
Lorman Education Services - Lorman Education is dedicated to providing cost-effective training opportunities that meet the needs of our members and enhance their skills, knowledge, and competencies.
Please use Priority Code 16175 when registering.
Lorman Education Services began offering continuing education seminars in 1987.
Lorman Education is dedicated to providing cost-effective training opportunities that...
