Posted by MonicaFL on 4/13/10 12:34pm
Msg #331502

I feel like a Ditz asking this question but

What is the rule regarding the borrower receiving the HUD and the GFE in advance of a closing - I thought it was three days, but I have completely drawn a blank. Guess its old age! Thanks.

Reply by Reverse Mortgage of America - Jessica on 4/13/10 12:53pm
Msg #331503

Re: 3 day rule applies...

when the increase in fees is greater than the new HUD guidelines, typically if the increase more than 10% from what was disclosed on the GFE. the broker is then required to re-disclose the borrower and then allow 3 days to pass before loan docs can sign. if the fees do not increase, there is not a rule in place that requires the borrower receive a HUD 3 days prior to the loan closing.
hope this helps

Reply by Sylvia_FL on 4/13/10 12:59pm
Msg #331504

The GFE should be received no later than 3 days after applying for the loan.

http://www.hud.gov/offices/hsg/ramh/res/resparulefaqs.pdf

Reply by MikeC/NY on 4/13/10 5:32pm
Msg #331562

The borrower always has at least 3 days to review before closing. Most of the numbers cannot change more than 10% (there are exceptions) without triggering another 3 day waiting period.

Reply by mike/co on 4/13/10 6:14pm
Msg #331580

HUD can be requested 1 day prior to closing... I don't think that happens very often though.

Reply by Cari on 4/13/10 6:31pm
Msg #331583

I agree, it doesn't happen too often... n/m