Thursday, December 31, 2009

Update on Real Estate Settlement Procedures Act Takes Effect Jan. 1

New rules governing disclosures on settlement cost for home loans take effect in the new year.

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.

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