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.

If you are stumped by the the new GFE and how to work with title agents under the new rule, be sure to visit The Koogler Group at www.KooglerGroup.com. Their new online training program helps you understand how to build the bridge and communicate to create a simple, seamless settlement experience for your customers.

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

With less than two weeks left to go, the American Land Title Association has published new closing instructions to help provide guidance to both settlement agents and lenders.  The new instructions can be found at www.atla.org. 

Yesterday, November 17th, HUD released an updated set of FAQ's.  The new items deal with:

 

GFE/HUD-1 Font Sizes

Title Services

Document Retention

Tolerance Issues

Realtor Commissions - Rebates to Borrower(s)

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

On November 13th, the Department of Housing and Urban Development (HUD) announced that they will delay the enforcement of violations pertaining to the new RESPA rules for 120 days.  It is very important to understand that this delay pertains ONLY to the enforcement of the new rules and not to the implementation of the new rules. The new RESPA rules still go into effect January 1st, 2010.

Please click on the link below for detailed information on this announcement.

http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2009/HUDNo.09-215

Registration is now available for the TitleExpress 2010 HUD-1 Training Seminars. These Seminars cover important aspects of the RESPA Final Rule, the Good Faith Estimate, the TitleExpress 2010 HUD-1, and disbursements (non-credit presentation). 

To attend, you may register online, by mail, or fax.

To register online, click a link below (requires credit card payment). A confirmation message is sent to the e-mail address provided during the registration process.

To  register by mail or fax (for check payments), click here to print the Check Payment and Registration form. This form must either be faxed to 443-321-5699 or mailed to TSS Software Corporation, 425 Fourth Street, Annapolis, MD 21403. Registration is only confirmed after receipt of this form and payment.

Registering online with credit card payment is the fastest way to confirm attendance.

Cost: $129 per attendee 

Time: 8 a.m. - 9 a.m. Check-in and Continental Breakfast
        9 a.m. - 12:30 p.m. Training Presentation

Dates and Locations:
December 3, Philadelphia, PA
December 4, Allentown, PA
December 7, Baltimore, MD
December 8, Pittsburgh, PA
December 9, Dover, DE
December 11, East Windsor, NJ
December 14, McLean, VA

We look forward to seeing you soon. For additional information, please send an e-mail message to sales@iwantTSS.com or call 443-321-5600, option 2.

HUD has released an ammended set of FAQ's for the upcoming RESPA reform:

http://www.hud.gov/utilities/intercept.cfm?/offices/hsg/ramh/res/resparulefaqs.pdf

Wells Fargo recently announced that they will start using the new Good Faith Estimate (GFE) on December 5th, becoming one of first major players to do so.  In an effort to make the transition to the new RESPA changes a smoother process, Wells Fargo has created a comprehensive resource section on their website.  This section provides information and guidelines to all parties involved in the real estate transaction working with Wells Fargo.

Please click on the links below for the appropriate Wells Fargo Resource Area.

https://www.wellsfargo.com/mortgage/resources

https://www.wellsfargo.com/downloads/pdf/mortgage/RESPA_Retail_closingagentguide.pdf - "A Closing Agents Guide to working with Wells Fargo Home Mortgage"

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.