RESPA Rules Take Effect January 1, 2010 Final Real Estate Settlement Procedures Act (RESPA) rules are scheduled to take full effect on January 1, 2010. These rules, published on November 17, 2008 as part of amendments to Regulation X (24 CFR Part 3500) of the Act, include the following:
- Loan originators must provide borrowers with a standard, revised Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs
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Closing agents must provide borrowers with a new HUD-1 settlement statement.
The U.S. Department of Housing and Urban Development (HUD) has published a new booklet, Shopping for Your Home Loan: HUD’s Settlement Cost Booklet, designed to help consumers comparison-shop for a mortgage. Much of the booklet is devoted to the new standardized GFE and HUD-1 settlement statement forms. For more information, see HUD’s Table of Contents for FAQs issued on the new rules and listen to its new webcast.
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