If you see an OLD GFE, you will see an OLD HUD.
If you see a NEW GFE, you will see a NEW HUD.
Some lenders, namely Wells Fargo, are already using the new GFE. We choose our HUD on a case by case basis depending on the type of GFE used.
The NEW GFE will be mandatory for RESPA covered transactions on January 1st.
We'll still be using the old style HUD for cash transactions and other transactions not subject to these RESPA guidelines.
Thanks for this, good to know.
ReplyDeleteFound this on the web and thought I'd share:
ReplyDeleteT’was the week before Christmas
When all through the lands,
LO’s and Closers were wringing their hands.
RESPA Changes are coming,
They all started to worry,
We’d better get trained, and trained in a hurry!
We all kept on hoping
There would be a delay.
But HUD said, “No Way,” it’s all here to stay.
“We love our new HUD
And our new GFE,
Don’t fret, don’t worry, it’s as simple as can be.”
We all shook our heads,
Threw our hands to the sky.
What were you smoking? You must have been high!
You took a one page doc
And changed it to three.
Easier? More simple? How can that be?
The Regs don’t match up,
So now what do we do?
HUD says, “No comment, It’s all up to you.”
No info on TILA,
HMDA, REG B.
We are totally screwed, why can’t they see??
In a time when some borrowers
Think lenders are scary,
You’ve given 3 pages to make them more wary.
This doesn’t make sense,
No, not one little bit.
We are all trying hard to not throw a big fit.
So we all do our best
To put borrowers at ease.
But make more reform, please, please, please!
Please bring someone in
Who knows what to do.
What is best for both borrowers AND lenders too.
We are all still waiting,
Though not holding our breath
And hoping the government doesn’t “Reg” us to death.
So on this week before Christmas,
I’d like to wish you
Good luck with RESPA, I need it too!
And then there is rebuttal:
Twas the week before Christmas
When a poem made its rounds
About a change in RESPA
That was about to hit the town
HUD said it was good
It would limit the greed
Protect all consumers
And a nation in need
A nation that was harmed
By the very same practice
They seek to preserve
Though we all pay though our taxes
Nation, wake up! We must awake from our slumber!
The path we were on will take us all under
If we do not learn, and learn today
It can all be gone
Like it almost was Columbus Day
Do you not remember? Can you not see?
What securitization, corruption has done to thee?
The stock market tanked
Foreclosures still run rampant
And they said, even so, you cannot make this happen
Assemble the lobbyists, consumer groups and more
Awake your Congressman, Senator
Or contributions no more
“Kill this thing, kill this thing,” you could hear them cry
‘Cross the chat rooms, Blackberrys, the great conference rooms in the sky
‘Cross the web blogging bloggers texting their fate
And in the webinars barely concealing their hate
And the clocked ticked down to the effective date
Though the Regs were posted November ‘08
We’ve done nothing
And now it’s almost too late
Time to put down the gloves
Time to do the right thing
Fix all the systems
Make the GFE sing
HUD says they'll be lenient
But a good faith effort
Must be made by all
Violate RESPA
And you are in for a fall
Remember as you celebrate New Year's Eve night
Tomorrow consumers will have new loan rights