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RESPA Disclosures and Clarification

RESPA Re-disclosed GFE Clarification: RESPA Regulation requires that any Good Faith Estimate (GFE) re-disclosed as a result of a valid Changed Circumstance be received by the borrower prior to closing.

My company has defined “prior to closing” as no less than one (1) day prior to closing, which gives the borrower a reasonable amount of time to review the changes on the GFE and make an informed decision.

Effective with applications received on or after April 1, 2010, Plaza will consider the GFE with the latest date which is a least one (1) day prior to the closing date (Note date) to be the final GFE compared against the final HUD-1 for purposes of RESPA fee tolerance compliance. Any GFE in the file dated the same date as, or after closing (Note date) will be disregarded.

All these new disclosures are forms are not helping they are confusing.

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March 31st, 2010

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