Changes to RESPA
As you have likely read the Department of Housing and Urban Development (HUD) made changes to the Real Estate Settlement Procedures Act (RESPA) that are intended to make it easier for borrowers to understand the settlement process.
Here are some important changes taking effect 1-1-10. It establishes a standard 3 page Good Faith Estimate (GFE). Limits the fee associated with the GFE to the cost of the credit report. Establishes a 3 page HUD, with the 3rd page for the borrower to compare estimated charges from the GFE to the final charges from the HUD. Also Eliminated the 1% cap on FHA origination fees.
If you would like additional information on this topic here is a link,
http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
Sincerely,
Lisa Scanlon, CSA
941-447-7130
www.scanlonsigningservices.com
Wednesday, December 16, 2009
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