Completing the HUD1 Settlement Statement
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The new HUD-1 Settlement Statement ("HUD") is designed to correlate closely to the new GFE, allowing borrowers to see how the estimate settlement costs disclosed on the GFE compare to the actual settlement costs charged and disclosed on the new HUD.
While it is customary that settlement agents prepare the final HUD, it is the mortgage originator's responsibility to ensure that a HUD is given for all transactions covered by RESPA. The mortgage originator is also responsible to ensure that the settlement agent has all the information they need to properly complete the document. READ MORE
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Using the Correct Disclosure Package
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The fee amounts disclosed on the Good Faith Estimate and the corresponding fee amounts charged to the borrower at closing must be displayed side-by-side on page three of the new HUD-I Settlement Statement, effective with the new RESPA Rule.
Each fee is placed into the proper tolerance category (Charges That Cannot Increase, Charges That in Total Cannot Increase More Than 10%, and Charges That Can Change) and it is important that the GFE column values accurately affect what was actually disclosed to the borrower initially. READ MORE |
DocuTech and Gallagher Systems Integrate
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DocuTech, a provider of mortgage compliance services and documentation technology, has partnered with Wipro Gallagher Solutions (WGS), a provider of loan origination software and origination services to the lending industry, to provide complete mortgage document compliance services in WGS's suite of loan origination systems (LOS), including NetOxygen Cirrus. The integration enables lenders to easily generate compliant documents and disclosures from any Web connection. READ MORE
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