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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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Jeopardy

2010 RESPA

www.BankersOnline.com 12/2009


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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

www.BankersOnline.com 12/2009


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Row 1, Col 1

What is the Good Faith Estimate?

This must be provided no

later than 3 business days

after receipt of the application.

www.BankersOnline.com 12/2009


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1,2

How long must the terms of the GFE be available for?

10 business days

www.BankersOnline.com 12/2009


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1,3

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.

www.BankersOnline.com 12/2009


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1,4

What is the tolerance for origination charge, points, adjusted origination charges transfer taxes?

Zero Percent

www.BankersOnline.com 12/2009


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2,1

What are the 6 pieces of information required for a RESPA application?

Name, SSN, Property Address,

Estimated Value of the Property,

Income, Loan Amount

www.BankersOnline.com 12/2009


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2,2

What is a written list of identified providers?

This must be provided with

the GFE when the borrower

can shop for certain 3rd party

service providers.

www.BankersOnline.com 12/2009


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2,3

What is a revised HUD-1?

You have 30 calendar days after

settlement to do/provide this.

www.BankersOnline.com 12/2009


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2,4

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.

www.BankersOnline.com 12/2009


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3,1

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).

www.BankersOnline.com 12/2009


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3,2

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.

www.BankersOnline.com 12/2009


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3,3

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.

www.BankersOnline.com 12/2009


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3,4

What is NOT a changed circumstance?

An inadvertent error (i.e. typo)

on the Good Faith Estimate.

www.BankersOnline.com 12/2009


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4,1

What is the credit report fee?

This fee can be collected with

the application prior to

providing the GFE to

the applicant.

www.BankersOnline.com 12/2009


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4,2

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.

www.BankersOnline.com 12/2009


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4,3

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.

www.BankersOnline.com 12/2009


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4,4

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).

www.BankersOnline.com 12/2009


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5,1

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.

www.BankersOnline.com 12/2009


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5,2

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.

www.BankersOnline.com 12/2009


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5,3

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

tolerance violation.

www.BankersOnline.com 12/2009


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5,4

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

borrowers.

www.BankersOnline.com 12/2009


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