VA Calls for Use of HUD-1 Addendums

The VA recently announced its updated requirements, synchronizing VA closings with the 2010 RESPA Reform changes.  In its July 30 circular, the Veterans Administration called for itemizations of pertinent fees (801, 1101 and lump sum borrower credits in the 200 section) to appear on an addendum or attachment to the HUD-1 form.  There is no specific format of addendum or attachment required and the administration noted that lenders could expand the Loan Origination Statement - which already itemizes charges from HUD-1 line 801 - to include breakouts of 1101 and lump sum borrower credits.  These requirements will be effective for all loan applications taken after Oct 1, 2010.