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RESPA

RESPA

Step 1.  Work with your title company to determine the settlement costs for your closing and to create a master draft HUD-1.  (Note:  at closing, you will need to have a HUD-1 prepared for every lien on the property - see the example below.)

Step 2.  Prepare the Good Faith Estimate (GFE).  If you need help filling out the Good Faith Estimate, submit a copy of the draft HUD-1 to Becky.  A GFE is required for the following:

- 1st Mortgage (to be sold to MFA)
- Habitat mortgage
- LTTF funds and any other payable loan

Step 3.  Prepare Fannie Mae Loan applications for the homeowner's signature. A loan application is required for the following:
- 1st Mortgage (to be sold to MFA)
- Habitat mortgage
- All subordinate liens (HOME, FHLB, LTTF, and other liens on the property from other funding sources)

Step 4.  Within 3 business after “loan application,” affiliate must deliver:
• GFE
• TIL Disclosure
• HUD Special Information Booklet
• Mortgage Servicing Disclosure

Step 5.  Closing may not occur until expiration of 7 day waiting period after receipt of above items by
homeowner.  

Forms:
Fannie Mae application (Form 1003) - Adobe Reader enabled fillable PDF
HUD-1 - Adobe Reader enabled fillable PDF
Good Faith Estimate - Adobe Reader enabled fillable PDF
Truth In Lending Disclosure - Word Document
List of Finance Charges
HUD Special Information Booklet
Mortgage Servicing Disclosure

Training Materials:

RESPA/TILA Presentation Sample documents for the 1st Mortgage - in this example, the affiliate pays for all settlement costs except for the homeowner's insurance.  The total settlement costs are $1338.43; the affiliate pays $1015.43 and the homeowner pays $323.00:
HUD-1
GFE
TIL

Sample documents for the HOME Mortgage - in this example, the affiliate pays for the recording costs.
HUD-1
GFE -  
TIL

NOTE:  If you are going to sell your loan to Partners, you will need a HUD-1 prepared for every lien on the property, including FHLB funds and your Habitat loan.  Use the above example for HOME funds for guidance.