does a bank LO (like WaMu, Wells Fargo, Countrywide), credit union employee or consumer finance LO have to
“If the closing costs shown on the final HUD I exceed the total amount shown on the Good Faith Estimate, and the amount inures to the benefit of the mortgage broker or his or her retail mortgage salesperson, the broker is required to redisclose with a new GFE and a new Truth-in-Lending form three days prior to SIGNING documents.
http://apps.leg.wa.gov/RCW/default.aspx?cite=19.146.030
scroll down halfway. It is number (4)”

I know they’re regulated under different guidelines…what are they?

When I provide my lock confirmation, I attach my GFE and TIL to it. I know I have to redisclose my GFE if terms or cost change (ex. the original loan is not approved).

Everyone has to follow federal laws governing mortgage lending. State laws for mortgage brokers are more strict than some federal laws, as they should be.

Let’s ask Tim if his problems occur most frequently with:

employees of a bank,
employees of a credit union
loan originators who work for mortgage brokers
or
employees of consumer finance companies.

Refinancing homeowners and homebuyers all have the ability to ask for a copy of the final HUD 1 to review one day prior to coming in to the closing room, no matter which form of institution is originating the loan. See comment #24 for the link to RESPA.

“If the closing costs shown on the final HUD I exceed the total amount shown on the Good Faith Estimate, and the amount inures to the benefit of the mortgage broker or his or her retail mortgage salesperson, the broker is required to redisclose with a new GFE and a new Truth-in-Lending form three days prior to SIGNING documents”

Jillayne, how do you (or the state of WA) define: “retail mortgage salespeople” .

I think overall (beyond the Seattle Times having press for the raise in median prices) having a slow first couple of months and then picking up in March is very normal and predictable.