Posted by ReneeK_MI on 7/16/12 5:00am
Msg #426993
Reg Z/Respa change proposal
Here's the link to the actual proposal - all 1,099 pages of it:
http://files.consumerfinance.gov/f/201207_cfpb_proposed-rule_integrated-mortgage-disclosures.pdf
In brief - it's near impossible to be brief about 1,099 pages. GFE, TIL & Hud being combined into a single disclosure, and final versions to be disclosed 3 days prior to close. More fees being moved from non-APR- into the APR calculation.
Samples of the proposed new forms here: http://www.consumerfinance.gov/knowbeforeyouowe/
1,099 pages on how to make this all so much simpler and easier to understand?
| Reply by MW/VA on 7/16/12 8:04am
Msg #427004
1,099 pages--bureacracy reigns-must be another
example of the "paperwork reduction act". LOL
| Reply by Bob_Chicago on 7/16/12 8:20am
Msg #427005
Just like Costco. As soon as I figure out where something
is- they move it.
It is a GOOD idea , however for a NSA to be familiar with the HUD form.
You can save a whole lot of phone time by being able to point info out in answer to typical borrower questions. (eg: payoff of existing loan, payment of real estate taxes and other obligations, daily interest , escorw, etc, etc.
| Reply by JPH13/MO on 7/16/12 10:33am
Msg #427018
Re: Just like Costco. As soon as I figure out where something
The reason Costco does this is so that you end up seeing other stuff they have while searching for what you want, and therefore may end up buying more. I don't like it either, but at least they have a good reason. (My husband works for them.)
| Reply by Bob_Chicago on 7/16/12 4:50pm
Msg #427051
"My husband works for them". Please ask him to stop having
such great deals. I am saving myself right into the poor house.
| Reply by Sha/CA on 7/16/12 7:35pm
Msg #427065
Thanks for the link, Renee. It looks like a good plan. n/m
| Reply by VT_Syrup on 7/17/12 6:24am
Msg #427099
Absurd fee suggested for a non-Notary
We've heard all the complains about companies offering $xx for a mobile closing. What about the $85 listed for a survey in this proposed document. So lets see, a professional surveyor sets herself up in business after 4 years of college and 2 years experience under another surveyor (minimum), buys or leases a vehicle and $25,000 worth of equipment, reviews the title not just for 40 years like title companies, but possibly all the way back to a 18th century royal charter, surveys not only the lot in question but the lots that touch it, makes a plat and report, all for $85.
|
|
