ProClose Releases new GFE New Home DisclosureDate: 11/19/09 While everyone in the mortgage industry knows the new GFE and HUD forms are effective January 1, 2010; the inclusion in the RESPA rule of a new requirement for a New Home "Construction" Disclosure as listed in the Federal Register 24 CFR § 3500.7(f)(6) may be missed: (6) New home purchases. In transactions involving new home purchases, where settlement is anticipated to occur more than 60 calendar days from the time a GFE is provided, the loan originator may provide the GFE to the borrower with a clear and conspicuous disclosure stating that at any time up until 60 calendar days prior to closing, the loan originator may issue a revised GFE. If no such separate disclosure is provided, the loan originator cannot issue a revised GFE, except as otherwise provided in paragraph (f) of this section. No need to worry. The GFE New Home Disclosure form is created and available in ProClose! Sincerely, |