News you can use !

RESPA...as it applies to loan application: A few basic points... 3-day Rule Lenders now must provide borrowers with a GFE within three days of receiving a loan application. HUD does allow lenders to provide general information worksheets in lieu of the GFE during the pre-approval process as long as no specific property is identified. If consumers ask for a GFE, however, one must be provided whether the borrow is ready to buy or not. Fee Categories The new GFE includes three categories of closing fees that your clients need to understand. (1) fees that cannot change at closing, such as origination fees (2) a group of charges that collectively can increase up to 10% only, such as government recording fees, and (3) costs that are permitted to change if a buyer chooses to shop around for services, such as homeowner’s insurance. Checks and Balances Consumers should confirm their lender’s compliance with the new RESPA rules by carefully reading and reviewing the GFE and HUD-1 forms. Cook Real Estate Brokerage's expertise can be invaluable...helping buyers verify fees and other information in preparation for their closing.