Jeopardy 2010 RESPA. Application. GFE. HUD-1. Chng Cir/ Tolerance. 100. 100. 100. 100. 200. 200. 200. 200. 300. 300. 300. 300. 400. 400. 400. 400. 500. 500. 500. 500. Row 1, Col 1. What is the Good Faith Estimate?. This must be provided no later than 3 business days
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Chng Cir/ Tolerance
What is the Good Faith Estimate?
This must be provided no
later than 3 business days
after receipt of the application.
How long must the terms of the GFE be available for?
10 business days
What is POC?
Although the term is not used
on the GFE under the new rules,
this term is still used on the
HUD-1 for lender paid fees.
What is the tolerance for origination charge, points, adjusted origination charges transfer taxes?
What are the 6 pieces of information required for a RESPA application?
Name, SSN, Property Address,
Estimated Value of the Property,
Income, Loan Amount
What is a written list of identified providers?
This must be provided with
the GFE when the borrower
can shop for certain 3rd party
What is a revised HUD-1?
You have 30 calendar days after
settlement to do/provide this.
What total of charges have a 10% tolerance?
Government recording charges,
title services (if title company
from our list), services we select,
lender’s title insurance, required
services from our list that the
borrower can shop for.
What is the property address?
This must be on the application
now (or provided to lender)
prior to providing the GFE (we
used to issue a GFE without this
if we had an application).
What are property taxes, estimated funds to close, POC, signature lines? (any of these is a good answer)
This is no longer
provided on the GFE.
What is a blank line in the 1300 series?
If the borrower chooses to
obtain a survey not required by
the lender or the title company,
the charge gets listed on this
line of the HUD-1.
What is NOT a changed circumstance?
An inadvertent error (i.e. typo)
on the Good Faith Estimate.
What is the credit report fee?
This fee can be collected with
the application prior to
providing the GFE to
What is the owner’s title policy?
This MUST be listed on the
GFE although in a purchase
transaction it may not always
be paid for by the borrower.
What is an off-setting credit on lines 204-209? (fee goes on appropriate line, then credit back on lines 204-209)
When the GFE indicates a fee
payable by the borrower that is
later payable by someone else
(other than a no cost loan), this
fee is itemized this way
on the HUD-1.
What IS a changed circumstance?
After a GFE is issued, it is
determined that an add’l service is
required (i.e. termite treatment,
survey, upgraded appraisal,
septic or well inspection).
What is intent to proceed?
After receiving the application, the
loan originator must receive this
from the applicant (after GFE
provided) before it may collect fees
(other than cr. rpt.), and before
requesting verification documents.
What is a revised GFE?
When you provide the GFE,
but the rate is not locked, and
you lock the rate at a later
date, you must provide
this once the rate is locked.
What is a credit in the 200 series of the HUD-1 (or what is a POC on the specific line item)?
Where you list a correction
on the HUD-1 due to a
What is NOT a changed circumstance?
Appraiser raises all of his fees
across the board. They are
higher than what you disclosed
on the GFE to a number of