Effective January 1, 2010, HUD is requiring loan originators provide borrowers with a Standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a revised HUD-1 Settlement Statement.
There are three main areas of regulation and updates that mortgage brokers have to pay attention to right now in order to be prepared for 2010:
- GFE/RESPA – Triggers, Settlement Changes, FHA cap on origination fees…
- FHA Appraisal Ordering Policy – Review of Process, Expected Impact
- FHA Mini-Eagle/Broker Approval – Net Worth Requirements, Audits
The purpose of this particular NAMB / HUD webinar was to give mortgage brokers a high level overview of the general changes that they need to be aware of.
While an hour is obviously not nearly enough time to address anything in great detail, our objective is mainly to stimulate conversations and questions that NAMB officials can use in their fight for the rights of mortgage brokers.
There will be a series of other pre-recorded and live webinars released by NAMB during the months of December and January that help mortgage originators understand how to navigate this sea of requirements.
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We had a minor tech issue with the gotowebinar service which accidentally cut the sound for most of the people watching the live presentation, but we were able to capture a clean recording.
For those of you that spent your valuable time trying login to a full room or couldn’t hear what was going on, we sincerely apologize for the inconvenience.
The good news is that we always have a recorded version on the web within 24 hours.
You’ll also be able to find the slide-show, detailed bullets of the transcript for easy video navigation, as well as several related valuable articles.
CLICK Following Link For Replay –
January 1 2010 Updates: RESPA/GFE, FHA Broker Approval and Appraisal Reform
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I’d like to thank our NAMB Webinar sponsor – Credit Technologies – for their financial endorsement and support of NAMB and the mortgage broker way.
I also received a nice personal email from the president of Viddler.com who helped us get this video up on the web in a manner that allows more people to view and download our replay.
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Stay tuned for future NAMB webinars. We look forward to your questions and participation in this regulation process.
CLICK Following Link For Replay –
January 1 2010 Updates: RESPA/GFE, FHA Broker Approval and Appraisal Reform
