FHA/HUD – What Originators Need to Know about RESPA,
FHA Broker Approval and Appraisal Reform

On December 1, 2009, the National Association of Mortgage Brokers hosted a webinar to discuss various issues pertaining to the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA). We had a tremendous turn out of over 4,000 participants! Additional rooms for overflow were added to accommodate as many participants as possible. NAMB will be recording other webinars this month that go deeper on some of these issues as more information and clarification is made available by FHA/HUD.

Video and Slides Available Here: http://www.mortgagerevolution.info/hud/


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Webinar Description Our Expert Panel
HUD logo

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.

The purpose of this particular NAMB / HUD webinar was to give mortgage brokers a high level overview of the general changes of which they should be aware.

While an hour is obviously not nearly enough time to address anything in great detail, our objective is to stimulate conversations and questions that NAMB officials can use in their fight for the rights of mortgage brokers.

We will be holding additional webinars over the next two months that drill down these topics and your questions in greater detail.

*IMPORTANT*

The live webinar will only hold the first 1000 registrants that login. However, we will have the recording posted on this site within 24 hours after the event.

RESPA/GFE

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.

Also discussed:

  • Elimination of FHA cap on origination fees
  • RESPA/GFE – From Broker Perspective
  • Principles of RESPA reform
  • Key final terms and processes
  • What brokers must know
  • GFE Notice Requirements
  • GFE Triggers
  • Important Dates
  • Settlement Charges
  • Block 1 – What goes into it
  • All other settlement services
  • What charges can change
  • What charges can not
  • Requirements under the rule
  • HUD’s interpretation of the rule
  • Major issues
  • The best strategies to navigate this sea of requirements

FHA Appraisal Ordering Policy

  • Review of Process
  • Expected Impact

FHA Mini-Eagle/Broker Approval Process

  • Net Worth Requirements
  • Are audited financials still required?
  • Will lenders adopt uniform FHA standards?
  • Vicki Bott – HUD Deputy Assistant Secretary of Single Family Housing
  • Roy DeLoach – NAMB CEO
  • Tony Gallegos - Mortgage U – Director of Advisory Services and Consulting
  • Alice Alvey – Mortgage U – President
Video Breakdown:

00:00 – Introductions

09:42 – RESPA / GFE Updates

11:35 – Effective Dates

12:33 – GFE Triggers

14:38 – GFE Notice Requirements

18:02 – GFE Block 1

22:21 – GFE Block 1 Questions

23:14 – GFE Line Block 2

25:01 – Float to Lock Scenario

36:32 – GFE Page 2

40:03 – Which Charges Can Increase?

44:15 – RESPA/GFE Q&A

47:30 – Message From Credit Technologies

52:16 – FHA Appraisal Policy

59:55 - FHA Broker Approval / Mini-Eagle