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RESPA Changes to GFE HUD - Michigan Mutual

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The document is an announcement from Michigan Mutual, Inc. detailing significant changes to the Good Faith Estimate (GFE) and HUD-1 forms as mandated by RESPA Reg. X, effective January 1, 2010. It outlines new compliance requirements for mortgage brokers regarding the accuracy of fee disclosures, the process for handling changed circumstances, and the necessary documentation to be provided to borrowers. Key updates include the binding nature of the initial GFE, strict timelines for re-disclosure in case of changes, and specific tolerances for fee increases at settlement.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What combines and replaces the final Truth-in-Lending Disclosure and the HUD-1?

After the implementation of TILA-RESPA rule, the disclosure documents that were required (the Truth-in-Lending disclosures, the Good Faith Estimate, and the HUD-1) for closed-end credit transactions were combined to create two standardized documents: the loan estimate and the closing disclosure.

Which form integrated and replaced the existing RESPA HUD-1 and the final truth-in-lending disclosure forms?

The CDF is the final disclosure provided to borrowers. It reflects the true costs of the closing, rather than just the estimated costs, as were provided by the Loan Estimate. The CDF replaces the existing HUD-1 and the final TILA disclosure forms.

Does HUD enforce RESPA?

The CFPB published guidance to remind the mortgage industry of numerous U.S. Department of Housing and Urban Development (HUD) policy statements that were issued before the CFPB assumed authority for enforcing the Real Estate Settlement Procedures Act (RESPA).

Which two forms have been replaced by the closing disclosure form?

Just as the Loan Estimate replaced the Good Faith Estimate, the Closing Disclosure replaced the HUD-1 Settlement Statement. Not only did the CFPB simplify the form, they also extended the timeframe you have to review it.

What replaced the HUD-1 form?

Now, for most kinds of mortgage loans, borrowers receive a form called the Closing Disclosure instead of a HUD-1 form. Either form must be reviewed by the borrower before the closing, in order to prevent errors or any unplanned expenses.

What happened to HUD-1 and the GFE after the implementation of the tila RESPA rule?

Among other things, the Rule replaces the Good Faith Estimate (GFE) and Initial Truth-in-Lending Disclosure with a Loan Estimate and replaces the Final Truth-in Lending disclosure and the RESPA HUD-1 with a Closing Estimate.

When can a GFE be revised?

When the interest rate is later locked, a revised GFE must be provided showing the revised interest rate-dependent charges and terms. The loan originator must provide the revised GFE within 3 business days of the interest rate being locked or, for an expired interest rate, re-locked.

Which form combines and replaces the RESPA gfe and the initial Truth-in-Lending forms?

A new Loan Estimate form replaces the initial Truth- in-Lending disclosure and the Good Faith Estimate consumers receive as part of the loan application process, while the new Closing Disclosure form replaces the closing Truth-in-Lending disclosure and the HUD-1.

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