HUD RESPA FAQs Updated; CUNA Mutual LOANLINER Compliance Resource
Posted by Anthony
HUD has updated its RESPA FAQ document, effective January 28, 2010. New FAQs are in bold. There's a good deal of new guidance concerning changed circumstances. And it appears clear that HUD will allow you to issue a revised GFE issued due to changed circumstances that only "reflects the increased charges resulting from the changed circumstances." Here are some other thoughts:
- It appears that HUD will continue to add to this list as necessary moving forward. For that reason, you'll need to keep monitoring the FAQ document to ensure that you have the most recent version.
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The fact that HUD continues to update this means that there are a ton of "gray" areas out there. You very well may find at the end of your research that there isn't a clear answer to your RESPA question. Unfortunately, there isn't always an answer at the end of a research project.
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I know that many of you use loan forms provided by CUNA Mutual. As you are aware, there are changes to Reg Z taking effect on July 1, 2010 that will affect the use of multi-featured open-end lending. CUNA Mutual has updated their "LOANLINER Compliance to Reg Z" page.  There appears to be a ton of useful information there, including an FAQ and webinar.