There was an update loaded to the FreeHUD-1.com website this week.  Below are a few of the issues that were addressed.

-HUD-1 print out had two section E's in the header.  Now properly prints section F.
-Deleting a HUD-1 would prevent a GFE from being associated to a new HUD-1.
-Items put on sellers column not displayed on  print out.
-Aggregate Adjustment would not reduce line 1001.
-Changing loan amount would not update buyers totals.
-Payee names on lines 1109-1112 not displayed on print out.
-Page 3 did not show a negative percentage in the 10% catagory.
-Line 1103 did not print on page 3 of HUD-1.

Issues to be addressed in a release around the corner:
-Line 1103 does not have option to move to Can Change catagory on page 3.
-Line 1202, the release fee is always paid by seller. Need to be to have buyer pay.

As always if you would like to report an issue or enhancement request click the Feedback link at the bottom of any page on FreeHUD-1.com.

Earlier this month Fannie Mae announced several changes to their policies, one of those changes being that the borrowers and sellers signatures will need to be on the final HUD-1 settlement statement.  As of right now there are no rules set as to which pages need to be signed and what language is to be included along with the signature but be sure that as soon as that information is available we will have FreeHUD-1.com updated.

So your sales contract says that the seller is supposed to a fee however the originator put that fee on the GFE meaning that the borrower is supposed to be paying for it.  Now what?

Since the fee is listed on the GFE it has to be listed on the HUD-1 as a borrower paid fee regardless of what the sales contract says.  Since the seller is supposed to be paying for this fee then you will put a credit on page 1 of the HUD-1 in the 200/500 giving credit back to the borrower.  

Please give us feedback.  The staff at TSS has been attending and will continue to attend many seminars and training classes to stay up to date on the new RESPA rules.  We feel we have a very accurate HUD-1 program but if you have questions about why it works the way it does send us some feedback.  Also for our TitleExpress users, this online HUD-1 is the prototype for the next version of TitleExpress so we want to make sure we have the best, most accurate and easy to use HUD-1 on the market.

Closing two loans at the same time now requires two separate GFE’s and HUD-1’s.  Each transaction needs to have it’s own set of documents so that the borrower can carefully shop for the best loan.  In preparing the HUD-1’s 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.

Below is an example from HUD on how to disclose the 2nd mortgage loan amount on the 1st mortgage HUD-1.

HUD has responded to all of the questions from all of us about RESPA reform.  They have released a 15 page document answering many questions about the new HUD-1 and GFE but many feel they didn't answer enough.  Did they answer your questions?  Take a look at their FAQ page by using the link below.

http://www.hud.gov/offices/hsg/ramh/res/faqfinalrev4.pdf

It's been only 4 short months since the launch of FreeHUD-1.com.  We are very happy to announce that we have just reached 1000 registered users.  We have new users signing up everyday and since we have the best free HUD-1 producing tool on the web and the only  one offering the new 2009 HUD-1 form, we don’t expect that number to stop growing.

Just a reminder, FreeHUD-1.com is powered by you.  Please submit feedback if there is a feature you would like to see added.