With RESPA reform around the corner; now more than ever it’s critical to have a team of experts on your side. We’re prepared and ready to help! Contact us if you’d like to schedule an appointment to discuss the RESPA changes.
Summary of Changes On January 1, 2010, HUD will require that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. Closing agents will also be required to provide borrowers a new HUD-1 settlement statement that clearly compares consumers’ final and estimated costs. This is a high level summary, for complete details be sure to check here; the US Department of Housing's web site.
What becomes effective January 1, 2010?
- Revised Good Faith Estimate (GFE)
- GFE tolerances on settlement costs
- Revised Settlement Statement (HUD-1)
- Revised definitions for application, Good Faith Estimate, and Mortgage Broker
- Additional definitions for changed circumstances, origination services, loan originator, prepayment penalty, third party, title service and tolerance
Quick links
- New Good Faith Estimate form
- New HUD-1 settlement statement
- Complete set of FAQ's from the HUD web site
- Final RESPA Rule
Please contact us contact us if you’d like to discuss the changes before your next transaction.
