Poll Results: What is causing you the most difficulty or frustration in closing transactions with the new GFE/HUD-1 forms?
|May 18, 2010
During the first quarter of 2010, ALTA polled membership on what was causing the most difficulty or frustration in closing transactions with the new GFE/HUD-1 forms. Responses from the more than 300 who took the poll varied nearly as much as interpretations of the new requirements. The “Other” category garnered the most votes, with the top “Other” issue being inconsistency among different lender's interpretation of the rules. Here’s a look at the results:
What is causing you the most difficulty or frustration in closing transactions with the new GFE/HUD-1 forms?
- Not getting sufficient information to complete the comparison chart on page 3 of the HUD-1, 13.55%
- Figures provided by the lender on the GFE and for page 3 of the HUD-1 are inconsistent, 12.95%
- Lenders using loan worksheets instead of the GFE, 5.12%
- Lenders requiring tolerance violations to be cured with a credit on page 1 of the HUD-1, even for tolerance violations relating to the cannot-change bucket, 4.52%
- Not being advised whether the actual service providers were identified by the lenders, 3.61%
- Being asked to change HUDs to satisfy the conditions for funding and closing, 15.96%
- Pressure to lower fees in order to satisfy tolerance violations, 7.83%
- Trying to explain the new forms to consumers, 12.05%
- Other, 24.40%
For advice and analysis from the ALTA RESPA Implementation Task Force, click here