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12/25/09
RESPA - Real Estate Settlement Procedures Act
Filed under: General, Mortgages
Posted by: Lillian Wong @ 4:36 pm

HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement. New RESPA regulations were published November 17, 2008 and are scheduled to take full effect on January 1, 2010. The “New RESPA Rule FAQs” were comprised from industry questions and are posted to facilitate implementation of these new requirements.  more…



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