The document discusses reforms to the Real Estate Settlement Procedures Act (RESPA) that aim to provide more transparency to home buyers. The Good Faith Estimate (GFE) and HUD-1 settlement statement were revised to better inform borrowers about loan terms and prevent unexpected fee increases. Key changes include making GFEs binding documents, adding fee tolerance limits, and requiring refunds if certain fees exceed tolerances. A third page was also added to the HUD-1 to compare final fees to those in the GFE. The reforms take effect for applications starting January 1st and are designed to increase competition and lower costs through an improved disclosure process.
FHA loans provide several advantages for first-time homebuyers as well as a unique set of qualifications for the purchaser and the property.
Get all the facts about FHA Loans for First-Time Homebuyers in this Slideshare.
Getting pre-approved for a mortgage loan is one of the easiest ways to make the first-time homebuyer process simpler. Even if you're an experience buyer, pre-approval can speed up the mortgage process and get you in a home sooner. Essentially, you know exactly what you can afford and sellers know you have funding at your disposal.
So what do you need to get pre-approved? This guide from New American Funding, a national mortgage banker, tells you the 5 things you'll need for a pre-approval. Happy shopping!
VA home loans are mortgages backed by the US Department of Veterans Affairs. They were designed to offer eligible American veterans a way to purchase a home.
We created this Slideshare to help understand the benefits and requirements to get a VA home loan.
FHA loans provide several advantages for first-time homebuyers as well as a unique set of qualifications for the purchaser and the property.
Get all the facts about FHA Loans for First-Time Homebuyers in this Slideshare.
Getting pre-approved for a mortgage loan is one of the easiest ways to make the first-time homebuyer process simpler. Even if you're an experience buyer, pre-approval can speed up the mortgage process and get you in a home sooner. Essentially, you know exactly what you can afford and sellers know you have funding at your disposal.
So what do you need to get pre-approved? This guide from New American Funding, a national mortgage banker, tells you the 5 things you'll need for a pre-approval. Happy shopping!
VA home loans are mortgages backed by the US Department of Veterans Affairs. They were designed to offer eligible American veterans a way to purchase a home.
We created this Slideshare to help understand the benefits and requirements to get a VA home loan.
Compliance Counsel on Command: CFPB Loan Originator Compensation RulesJeffrey Andersen
Discusses the parameters of the new definition of "loan originator," who is and is not a "loan originator" for purposes of the new rule? Also discussed is the prohibition on dual compensation, prohibited compensation based on a term of a transaction, and restrictions on pooled compensation plans.
Mortgage Basics provides information about mortgage products and programs that will help real estate agents realize success. Topics include:
- when you need to ask for more time to close,
- property types and characteristics that might be more difficult to sell (and how to sell them),
- how to use various products/programs to help increase a buyer's purchasing power.
The CFPB has published revisions to the TILA and RESPA mortgage regulations in response to changes mandated by the Dodd-Frank Act. The revisions are known as the TILA/RESPA Integrated Disclosures, or TRID. Learn all about the changes by reading through these slides brought to you by Academy Mortgage Corporation
US Mortgage - Learn Complete Life Cycle of Mortgage ProductionVijay_30071977
You might be wondering what is US Mortgage? Why it is important? What role it plays in US economy? Why it is important to learn about US Mortgage? Who should learn this domain? Why they should learn this domain? What is the complete life cycle of the Mortgage, right from Origination of the loan to selling the same loan in secondary market, who are the players involved? What all the processes involved? What all the consumer Affairs Laws & Regulations? And Key Terms and Concepts.
The US – Mortgage in a nutshell
Let’s understand What is US Mortgage in a nutshell? US Mortgage, in this course you going to essentially learn about what is US Mortgage Banking, what all the risks involved in mortgage banking, What all the different types of Mortgages available in market? As fundamentals of US Mortgage.
When it comes to Mortgage Production, you will learn about what all the different processes like Loan Origination, Processing, Underwriting, Closing & Funding. Each process again has multiple processes in order to make sure both borrower & lender are in compliance with federal laws.
Let’s see what we going to learn in Mortgage Servicing. This section of the course will talk about Loan servicing processes such as Cash Management, Investor Accounting & Reporting, Document Custodianship etc. Also, this section of the course will talk about Loan Servicing Players such as Loan Servicers, Trustees, Paying Agents, Primary Custodians, Primary Collateral Trustee etc.
Last section of this course is the more exciting one. This section will throw light on Mortgage Secondary Marketing, who are all players, How the Securitization process is structured? What all the government sponsored entities are involved in securitization process? Which are called private conduits and their role in secondary market.
So, who are target audiences? This course is meant for someone who wants to build their career as a business analyst, product owner/manager for Mortgage products, This course is for someone who is interested in Mortgage Business as an investor or financier, This course is meant for academicians who wants teach on US Mortgage domain, This course is prepared for all the people who works in the are of US Mortgage, but do not have complete understanding of how the mortgage is originated and finally sold in the secondary market. This course is intended for anyone who is in finance domain.
So, at the end of this lesson, you will be able to understand the whole process of Mortgage production right from origination to selling them in secondary market, you will be able to answer all the questions related to US Mortgage, if you are investor in mortgage business, you will be much comfortable in your decisions since the decision you make will be informed decisions. If you are a product owner for a mortgage product, you will be enhanced with additional knowledge of mortgage.
Compliance Counsel on Command: CFPB Loan Originator Compensation RulesJeffrey Andersen
Discusses the parameters of the new definition of "loan originator," who is and is not a "loan originator" for purposes of the new rule? Also discussed is the prohibition on dual compensation, prohibited compensation based on a term of a transaction, and restrictions on pooled compensation plans.
Mortgage Basics provides information about mortgage products and programs that will help real estate agents realize success. Topics include:
- when you need to ask for more time to close,
- property types and characteristics that might be more difficult to sell (and how to sell them),
- how to use various products/programs to help increase a buyer's purchasing power.
The CFPB has published revisions to the TILA and RESPA mortgage regulations in response to changes mandated by the Dodd-Frank Act. The revisions are known as the TILA/RESPA Integrated Disclosures, or TRID. Learn all about the changes by reading through these slides brought to you by Academy Mortgage Corporation
US Mortgage - Learn Complete Life Cycle of Mortgage ProductionVijay_30071977
You might be wondering what is US Mortgage? Why it is important? What role it plays in US economy? Why it is important to learn about US Mortgage? Who should learn this domain? Why they should learn this domain? What is the complete life cycle of the Mortgage, right from Origination of the loan to selling the same loan in secondary market, who are the players involved? What all the processes involved? What all the consumer Affairs Laws & Regulations? And Key Terms and Concepts.
The US – Mortgage in a nutshell
Let’s understand What is US Mortgage in a nutshell? US Mortgage, in this course you going to essentially learn about what is US Mortgage Banking, what all the risks involved in mortgage banking, What all the different types of Mortgages available in market? As fundamentals of US Mortgage.
When it comes to Mortgage Production, you will learn about what all the different processes like Loan Origination, Processing, Underwriting, Closing & Funding. Each process again has multiple processes in order to make sure both borrower & lender are in compliance with federal laws.
Let’s see what we going to learn in Mortgage Servicing. This section of the course will talk about Loan servicing processes such as Cash Management, Investor Accounting & Reporting, Document Custodianship etc. Also, this section of the course will talk about Loan Servicing Players such as Loan Servicers, Trustees, Paying Agents, Primary Custodians, Primary Collateral Trustee etc.
Last section of this course is the more exciting one. This section will throw light on Mortgage Secondary Marketing, who are all players, How the Securitization process is structured? What all the government sponsored entities are involved in securitization process? Which are called private conduits and their role in secondary market.
So, who are target audiences? This course is meant for someone who wants to build their career as a business analyst, product owner/manager for Mortgage products, This course is for someone who is interested in Mortgage Business as an investor or financier, This course is meant for academicians who wants teach on US Mortgage domain, This course is prepared for all the people who works in the are of US Mortgage, but do not have complete understanding of how the mortgage is originated and finally sold in the secondary market. This course is intended for anyone who is in finance domain.
So, at the end of this lesson, you will be able to understand the whole process of Mortgage production right from origination to selling them in secondary market, you will be able to answer all the questions related to US Mortgage, if you are investor in mortgage business, you will be much comfortable in your decisions since the decision you make will be informed decisions. If you are a product owner for a mortgage product, you will be enhanced with additional knowledge of mortgage.
Exploring spatial pattern formation using a simple individual-based modelMabrouk Nabil
Bacteria can form intriguing spatial patterns observable at large spatial scales compared to the size of the cell. These patterns are formed through local interactions between the individuals and can impact the dynamic of the population. We illustrate how individual-based models can be used to explore such patterns.
هو حاتم بن عنوان ابن يوسف، ويقال حاتم بن يوسف، كنيته أبو عبد الرحمن، من أهل بلخ، صحب شقيق بن إبراهيم البلخي وأسند الحديث عنه وعن شداد بن حكيم البلخي. وكان أستاذ أحمد بن خضرويه. وروى عنه أناس مثل حمدان بن ذي النون ومحمد بن فارس البلخيان. توفي سنة 237 للهجرة.
وأما عن سبب تسميته الأصم فقد أورد ابن خلكان في وفيات الأعيان أن امرأة جاءته لتسأله مسألة، فاتفق أن خرج منها في تلك الحالة صوت فاحمر وجهها خجلًا، فصارت كلما سألته جعل يوهمها أنه أصَمُّ ويقول لها: ارفعي صوتك، فقالت في نفسها: لم يسمع الصوت، فسمي لذلك الأصَمَّ.
Feedback is one of the most powerful ways to increase student achievement. This workshop will focus on what the research says about quality feedback, how feedback can focus on different needs, and how to use feedback as formative assessment. . It’s also important to touch on not only how to give feedback but how to receive feedback and find the value in it. Examples and strategies will be shared to help teachers give feedback that students will use. We will also look at student-to-student feedback, student-to-teacher feedback, and touch briefly on how to offer feedback to peers.
What are the regulatory changes that will affect mortgage lending in 2010? How will the mortgage rates move and what are the loan production forecasts?
It is Atlantic Bay’s mission to ensure that our loan officers have all of the tools and information necessary to make the loan experience enjoyable for our clients and partners. We achieve this through our innovation, ongoing training and consistent communication.
Projected Payments
Loan Terms
CLOSING DISCLOSURE PAGE 1 OF 5 • LOAN ID # 0000000000
Payment Calculation
Principal & Interest
Mortgage Insurance
Estimated Escrow
Amount can increase over time
Estimated Total
Monthly Payment
Estimated Taxes, Insurance
& Assessments
Amount can increase over time
See page 4 for details See Escrow Account on page 4 for details. You must pay for other property
costs separately.
This estimate includes In escrow?
Property Taxes
Homeowner’s Insurance
Other:
Can this amount increase after closing?
Loan Amount
Interest Rate
Monthly Principal & Interest
See Projected Payments below for your
Estimated Total Monthly Payment
Does the loan have these features?
Prepayment Penalty
Balloon Payment
Closing Costs Includes $5,877.00 in Loan Costs + $7,642.43 in Other Costs – $0
in Lender Credits. See page 2 for details.
Cash to Close Includes Closing Costs. See Calculating Cash to Close on page 3 for details.
Costs at Closing
Transaction Information
Borrower
Seller
Lender
Loan Information
Loan Term
Purpose
Product
Loan Type Conventional FHA
VA _____________
Loan ID #
MIC #
Closing Information
Date Issued
Closing Date
Disbursement Date
Settlement Agent
File #
Property
Sale Price
This form is a statement of final loan terms and closing costs. Compare this
document with your Loan Estimate.Closing Disclosure
Projected Payments
Loan Terms
CLOSING DISCLOSURE PAGE 1 OF 5 • LOAN ID # 0000000000
Payment Calculation
Principal & Interest
Mortgage Insurance
Estimated Escrow
Amount can increase over time
Estimated Total
Monthly Payment
Estimated Taxes, Insurance
& Assessments
Amount can increase over time
See page 4 for details See Escrow Account on page 4 for details. You must pay for other property
costs separately.
This estimate includes In escrow?
Property Taxes
Homeowner’s Insurance
Other:
Can this amount increase after closing?
Loan Amount
Interest Rate
Monthly Principal & Interest
See Projected Payments below for your
Estimated Total Monthly Payment
Does the loan have these features?
Prepayment Penalty
Balloon Payment
Closing Costs Includes $5,877.00 in Loan Costs + $7,642.43 in Other Costs – $0
in Lender Credits. See page 2 for details.
Cash to Close Includes Closing Costs. See Calculating Cash to Close on page 3 for details.
Costs at Closing
Transaction Information
Borrower
Seller
Lender
Loan Information
Loan Term
Purpose
Product
Loan Type Conventional FHA
VA _____________
Loan ID #
MIC #
Closing Information
Date Issued
Closing Date
Disbursement Date
Settlement Agent
File #
Property
Appraised Prop. Value
This form is a statement of final loan terms and closing costs. Compare this
document with your Loan Estimate.Closing Disclosure
Projected Payments
Loan Terms
CLOSING DISCLOSURE PAGE ...
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
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➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
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Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
2. Principles of RESPA Reform
(According to HUD)
Help consumers shop for the best loan
Shopping leads to greater competition and
lower prices
Key final terms of the loan disclosed to the
borrower at closing
Preserve a competitive market for all
settlement service providers
3. Why the Change?
RESPA changes are designed to educate customers more
about proposed loan terms. The new GFE contains more
direct statements to clearly identify loan characteristics such
as…
•If rates can increase (ARM)
•If balance can increase despite if payments are made on time
(Negative Amortization)
•If there is a prepayment penalty
GFE’s will now be binding documents with respect to fees.
Lenders will be accountable for certain variances if there is an
increase between the GFE and final HUD-1 for certain fees.
4. Why the Change?
The new HUD-1 gives a comparison of final fees compared to
GFE fees originally disclosed to ensure the lender is in
compliance and that fees have not increased beyond designated
thresholds.
Depending on which fee, and the amount of the increase
compared to the GFE, lenders may be required to reimburse
and/or credit money to the borrower.
This is a change in philosophy. Lenders can no longer stand
behind the statement “it’s an estimate” when questioned about
increases to charges from the original GFE compared to
settlement.
5. What the New GFE Does Not Do
Does not show Cash required to close
Does not show PITI
Does not show Lender or Seller Credits
Does not show Tax Prorations
Cannot include Buyer/Broker Commission
Cash to Close Worksheet will be given by
PHH.
6. The New GFE
Effective for all applications taken after January 1st
Must be provided no later than 3 business days after application
Application is defined as the submission of the following 6 pieces of information:
Borrower’s Name
Borrower’s Social Security Number
Borrower’s Monthly Income
Subject Property Address
Estimate of Value of Property
Estimate of Loan Amount
Must be accepted by consumer within 10 days or null and void
Acceptance is defined by the customer’s signature within the 10-day timeframe.
No appraisal fees can be collected until after GFE is accepted
Origination charge includes ALL fees collected by Mortgage Company
7. The Three Categories of Fees
Zero Tolerance
10% Tolerance
No Tolerance Limit
Changed Circumstances – There are various provisions regarding changed circumstances that allows the
lender to reissue a Good Faith Estimate without penalty. (See next slide)
8. Changed Circumstances
There are various provisions regarding changed circumstances (indicated below), however, the
definition of changed circumstances is:
Acts of God, war, disaster or other emergency
Information particular to the borrower or transaction relied on in providing the GFE is found to be
inaccurate or changes after the GFE was provided, including information about the credit quality, the
amount of the loan, the estimated value, or other information used to provide the GFE
New information regarding the borrower or transaction that was not relied upon for issuing the GFE
Other circumstances, including boundary disputes, the need for flood insurance or environmental
problems
NOTE:
None of the information collected by the loan originator prior to issuing the GFE may later become
the basis for a “changed circumstance” upon which a loan originator may offer a revised GFE, unless
the loan originator can demonstrate that there was a change in the particular information or that it
was inaccurate, or that the loan originator did not rely on that particular information in issuing the
GFE. In addition, the loan originator is presumed to have relied on the borrower’s name, the
borrower’s monthly income, the property address, an estimate of the value of the property, the
mortgage loan amount sought, and any information contained in any credit report obtained by the
loan originator before providing the GFE. The loan originator cannot base a revision of the GFE on
this information, unless it changed or is later found to be inaccurate.
If there is a Change in Circumstances, the LO has 3 days to reissue a revised GFE.
The revised GFE must only reflect the affected loan terms and settlement charges
from the Changed Circumstance.
11. New HUD-1
Settlement Statement
Revised to compare with the GFE
Categorized to eliminate the disclosure of
every itemized charge related to the
origination of the loan and issuance of title
insurance
HUD-1 will no longer disclose percentage of
commission paid
Third page was added to the HUD-1 to
highlight key terms of the loan and to
compare it to the GFE
12. New HUD-1
Settlement Statement
Categorized to eliminate the disclosure of every
itemized charge related to the origination of the
loan and issuance of title insurance
Burnet Title
Lawyers Title
14. Page Three of New HUD-1
Comparison Chart
Example of settlement charge changes that do not exceed 10%
0.84%
15. Page Three of New HUD-1
Comparison Chart
Example of settlement charges that exceed the 10% tolerance
$1667.25 x 3.03% = $50.52 refund to Borrower
Lender may cure tolerance violation immediately or within 30 days.
The Settlement Agent would then reissue a new HUD-1 to reflect any
changes.
16. New HUD-1
Settlement Statement
Seller paid Buyer closing costs
Third Party paid Buyer closing costs
1st and 2nd Mortgages separate GFE’s
separate HUD’s (not applicable to HELOC’s)
Cash, Contract for Deed, Assumption
More time spent at the closing