What to do with a Lender who's legal dept decided that they should not provide a copy of the GFE to the closing agent?....I am not "wowed" by the new HUD1.
Well, it's true that they do not have to give you the GFE, however why not? At any rate they MUST give you the data contained in the GFE as part of their written instructions. We have taken the stand that the new HUD is creating more work and so we intend to control the work flow. That means a copy of the GFE and the provider list in our file or we are not releasing the title commitment. This way I can produce a prelim and deliver it to the lender with the commitment. This is a win-win. Lender gets an early warning if there IS a problem AND we get partially build the HUD so it's not all a last minute train wreck.If a lender refuses, we will tell them to take their business elsewhere because I don't want to work with lenders operating like they have something to hide.
I think I might like the new HUD if I actually got to close on one. Seems all the local lenders are dragging their feet ooorrrrr they haven't taken any apps since the new year. Here's to you Diane, can I call you if I ever get a new HUD and am lost??? :)Kathy Glor
You sure can, Kathy. ;)
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