LIVE CHAT: Mary Schuster Q&A
Do you have RESPA questions or concerns? Mary Schuster answers your questions, live!
Mark your calendar so you won’t miss this opportunity for a real-time, interactive web Q&A session and be sure to come back to this page for the chat session.
If you have a question that you would like to ask Mary but will not be able to participate in the live Q&A, please email Mary your question at mschuster@respaready.com. All answers will remain on this forum page after the Q&A session has ended.
Wednesday, June 3rd
10:30 – 11:00 a.m. (Central Time)
Thank you
Thanks to everyone for joining us today! We would appreciate your input about this live chat. Please email me directly (emcanally@ramquest.com) to let us know if you would like to see us have additional Live Chat sessions and on what topic and/or if you had technical difficulty so that we can improve this experience for all of our participants.
If you have not already, we encourage you to sign up for the RSS feed for RESPAready.com by clicking http://www.respaready.com/rss.xml so that you get instant notification when Mary posts new blogs. If you need additional assistance setting up the RSS feed, we will have a video up later today with some instructions.
Thanks again for your participation this morning and watch for future Live Chat notifications from RESPAready.com!
Classic HUD
Why is the Classic HUD not being updated along with the Speed HUD?
We're full speed ahead trying
We're full speed ahead trying to get the significant changes in programming done to the SPEED hud which a vast majority of our customers use. Some customers have concerns about the classic HUD and they are in talks with our development team about that.
Whose responsibility is the enforcement
Who is responsible for the enforcement of the concessions/rates/etc from GFE to the HUD1? What if the lender varies by an amount greater than that allowed by RESPA?
HUD enforces RESPA. And the
HUD enforces RESPA. And the lender is responsible for all RESPA compliant issues and must cure any tolerance violations.
enforcement
so are they checking every HUD1? Or does the title company/closing have a duty to report or something?
As of now there isn't a
As of now there isn't a mechanism for HUD to review every settlement statement (though you can see how that technology could easily advance). Enforcement of 2010 HUD-1s will be similar to today's world. No new oversight - yet anyway. As I understand it, the settlement agent has no duty to report tolerance issues, only to fully and accurately complete the form. The lender must cure any issues. However, as always, you should report any abuses or RESPA violatioins to the proper state and federal authorities. I don't think that tolerance violations fall into that category, however.
Postpone Start Date of 1/1/10
Does the passing of the HR 1728 bill postpone the start date of the RESPA rules on 1/1/10? If not, what does the bill do in reference to helping with the design of the new HUD and GFE? Does it allow TILA to take over control of the design?
The passing of HR 1728 was
The passing of HR 1728 was one step toward possible delay of implementation. If the Senate passes a similar bill, then it would go to conference committee to be made uniform, then both houses would vote again, then it would go to the President for signature. The bill really doesn't make specific recommendations to the new HUD and GFE other than making the TILA disclosures and GFE disclosure timelines and information symetrical.
Effective Date
Can you please verify the effective date for using the new HUD1?
The effective date is not
The effective date is not later than Jan 1 2010.
Reality of Respa Reform
With all the talk of cancelling - any truth to it?
That's hard to predict. The
That's hard to predict. The Senate just doesn't seem in any hurry to take the matter up. Could it be put on hold? Maybe. But we have no indication that is going to happen. I can tell you that we haven't slowed down our development one bit! And even if it does get delayed, we don't anticipate significant changes so .... that means we will just be more prepared when the times comes.
sorry but we are having trouble following chat
how do we follow comments last info on our screen is question about gfe
Hit F5 on your keyboard or
Hit F5 on your keyboard or press the "Reload" button on your internet browser.
Continue to refresh your
Continue to refresh your screen (F5) to see the updated questions and comments.
Tips on Educating Loan Officers
Do you have any tips or ideas on educating loan officers - should we get started now even though ALTA is trying to get issues changed?
I really encourage beginning
I really encourage beginning a dialogue with lender customers. If you'll review the RESPA blogs posted on this page, we have some good conversation topics. The main things are to talk with them about what information they will need from you in order to complete the new GFE. And how you can be a good partner with them through the transition period. "We have alot to figure out together" is a good tact to take.
Live Chat
These are all great questions - keep them coming! We are answering them as quickly as we can, please be patient. And remember to hit F5 frequently to refresh.
changes since conference
We had a good look at the anticipated form and consequences of the new RESPA regulations in March. Have things changed?
There has been alot of
There has been alot of activity, but not alot of changes to the Rule or forms. The only change has been that the new "required use" provision has been deleted, and so it reverts to old RESPA provisions.
Will we be able to use the
Will we be able to use the old HUD-1 post 1/1/10 for those files that were in the pipeline before the new year?
You will be able to select
You will be able to select either OLD or NEW Hud-1 for files.
ETA for RESPA Edition
What is the current ETA for RQ's 6.1.1 with RESPA support?
We have the interim HUD
We have the interim HUD template available now. The permanent 2010 HUD will be released this summer. It is in the final stages of development and has begun testing.
HUD Template
How do we get the interim HUD template?
Interim HUD Template
Contact RamQuest's Customer Support Department - 214.291.1616
Any advice for forming a
Any advice for forming a RESPAready team in my company?
Great Question! Each company
Great Question! Each company should have a RESPA Team. You of course want to have your escrow people, management, owners, marketers and I/T people involved. Start with scheduled meetings to discuss how it will impact your business and how you can proactively make changes!
How many people do you
How many people do you reccomend be a part of the team?
The size of the team depends
The size of the team depends on the size of your company, but at least one person from each of the departments I mentioned would be my recommendation.
training
It also sounds like somebody will also need to be sure that changes are communicated effectively internally and externally.
Good Morning!
Welcome Everyone, We're glad you could join us. There are so many things to talk about with RESPA Reform, and we wanted to take your questions in an interactive environment.
Respa form
who's final responsibility will it be to complete this new form?
The settlement agent is
The settlement agent is responsible for completing the HUD-1 Form.
The settlement agent is
The settlement agent is responsible for completing the new HUD-1 form.
Creating the GFE
In the past, it was the responsibility of the lender to produce and deliver the GFE to the customer. Is this still the case or are we now responsible to send it to the customer?
The lender still holds this
The lender still holds this responsibility. The settlement agents will not need to produce GFEs.
Any advice for forming a
Any advice for forming a RESPAready team in my company?
Welcome to Our Live Chat!
Welcome to the first Live Chat in the RESPAready forums! Our blog author, Mary Schuster, will be taking all of your questions today and answering them here, live and in real time until 11:00 a.m. (Central). Please click "Add Comment" to post your questions – none are too simple – if you question something, someone else is very likely wondering the same thing! We also encourage you to comment on and answer other questions that you see in the forum today. The more interaction and communication we have going on this morning, the more our discussion will benefit all of our participants.
A quick reminder, if you want to post a question or comment on a post, you must login to do so. If you don’t have a login, I would encourage you to register now – it is a very quick, instantaneous process and once you register, you will have a user name and password and can then participate in this discussion.
Thank you in advance for your participation!
I know .......... dumb question here
Am I at the right page? I don't see anything but your Welcome. I thought I might see some multiple party chat.
OKay I see it now
I guess you have to submit a comment/question or continually hit the refresh key to see what others are saying or update your screen to see new comments or replys.
Refreshing is the Key!!
Glad you could join us!
NEW GFE
If I get a new GFE from a lender do I have to use the new HUD form?
Yes, if a lender uses the new
Yes, if a lender uses the new GFE, then the new HUD-1 Form must be used in that transaction. However, lenders have not begun using the new GFE on any large scale as yet.