On April 2, 2010, HUD released New RESPA Rule FAQs, an update to the January 28, 2010, FAQs. The April 2, 2010, FAQs may be found, in their entirety, via the following linkhttp://www.hud.gov/offices/hsg/ramh/res/resparulefaqs422010.pdf and some of the updates within the FAQs are briefly addressed below: 1. GFE, General, #33 & #34 (pgs. 11-12). These two FAQs address preapprovals. HUD states that a preapproval is never to be used as a substitute for a GFE, and that the RESPA rules do not address preapprovals. HUD reiterates that once the loan originator has the information that triggers a GFE, they must still provide the GFE. A lender may never issue only a preapproval for a refinance loan; the lender must also issue a GFE. 2. GFE, General, #35 & #36 (pg. 12). These two FAQs address the use of a worksheet without a GFE and in conjunction with the GFE. They clarify that a worksheet may be used provided that the worksheet does not look like a GFE and does not lead the consumer to believe it is a GFE. The worksheet may be used without a GFE if the consumer has not provided the information necessary to generate a GFE. The worksheet may also be used in conjunction with a GFE, but never in lieu of a GFE.
