Need to know for your GFE

If the borrower is taking out two loans to finance the purchase, each loan must have a separate GFE and a separate HUD-1. However, the principal amount of the second loan must be listed outside the borrower’s column with a brief explanation on Line 204-209 of the HUD-1 for the primary loan. If the net proceeds of the second loan are less than the principal amount, the net proceeds may be listed on the same line in the borrower’s column of the first loan. This would apply to Utah Housing First Home Plus; i.e., two GFEs and two HUDs. (Stay tune for more detail as to what costs should be listed on the Utah Housing second GFE.) 

Also, hopefully you all remembered that Monday, January 18 (Martin Luther King Jr.) is a legal public holiday and does NOT count as one of the 10 business days. If you counted it, you have only given the borrower 9 business days and your GFE would not be RESPA compliant!

Some title companies need to know how many pages before they will quote you a price. I thought this would help you
TYPE Pages
Conventional 13
FHA 8
Utah Housing 10
(includes Tax Exempt Rider)
Utah Housing Sub. 3
VA 13
Construction 8
Construction A of C 5

Riders 2


What is happening today in mortgage lending: Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com