GFE Form required by VA to Short Sale
We are liquidating a VA VA Case 60857294 via Short Sale through Ocwen Servicing. We provided them a Good Faith Estimate to support closing costs. The negoiator at Ocwen states it is a VA Mandatory Guideline to have this Good Faith Estimate on the FHA Department of Housing and Urban Development Form (OMB Approval No. 2502-0265). The buyer's loan is a USDA Loan and therefore this form is not applicable or available in the Buyer's lender software for this loan type. Therefore, the servicer is denying this VA Short Sale Liquidation. Please confirm the compliance request for this form in lieu of the GFE for USDA. by safassist241 from Raleigh, North Carolina. Oct 9th 2015
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
AS of October 3rd, there is no longer a HUD-1.. it's now called a closing statement.. but your buyers lender should not have a problem producing a HUD-1.. the law just changed.. so he should have access to both forms.. If he doesn't , then the buyers closing agent should also still have access to the HUD-1. Also, it's very possible that the VA would have adopted the new closing statement instead of the HUD-1.. so you should be able to go back to them and tell them that because of the new TRID laws, the HUD-1 has been replaced with a CE. This all sounds like a technicality and shouldn't prevent you from closing.. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347
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