HUD Changes RESPA Mortgage Booklets
Recent regulatory changes will have a significant impact on mortgage lending practices. New RESPA requirements are changing the forms that document mortgage loans and the mandatory government booklets that must accompany your loans. FIPCO has the booklets you need to remain in compliance with various regulations regarding information that must be provided to your borrowers.
Buying Your Home - Settlement Costs and Helpful Information (A HUD Guide)
Due to regulatory changes, this booklet is being updated. You may be required to give it to the applicant not later than three business days after the application is received under the Real Estate Settlement Procedures Act and HUD’s Regulation X (RESPA). HUD is still finalizing the booklet, but get your order in now and we’ll ship as soon as the final version is printed.
Consumer Handbook on Adjustable-Rate Mortgages (CHARM)
For variable rate closed-end consumer credit, with a maturity greater than one year, secured by the consumer’s principal dwelling (Covered Loans), certain disclosures must be provided at the time an application form is provided, or before payment of a nonrefundable fee, whichever is earlier. Disclosures include loan program disclosures and a CHARM booklet.
What You Should Know About Home Equity Lines of Credit
The Federal Reserve Board brochure or comparable substitute describing home equity credit plans, including potential advantages and disadvantages must be provided with the first set of disclosures.
Pricing is as follows:
0 - 99 = .78 ea. 100 - 249 = .69 ea. 250 – 499 = .54 ea. 500 – 999 = .50 ea. 1000 + = .46 ea.
To find out how FIPCO can assist with your stock of booklets, contact FIPCO at 1-800/722-3498 option 1 or e-mail FIPCO Sales.
Shop locally…The dollars you spend with FIPCO come back to your bank in the form of low Wisconsin Bankers Association (WBA) membership dues, WBA government lobbying on behalf of the banking industry and free access to WBA’s legal department for the membership.