HUD Releases Further Guidance on RESPA Reform
August 31, 2009
The U.S. Department of Housing and Urban Development (HUD) late Friday (Aug. 28) afternoon released about 50 additional answers to its Frequently Asked Questions document regarding the Final RESPA Rule.
You may download the updated document here.
Updates are included throughout HUD’s initial 16-page FAQ release, which was made available Aug. 13.
Beginning Jan. 1, 2010, HUD will require loan originators to 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 Nov. 17, 2008. Portions of the Rule went into effect Jan. 16, 2009.
HUD has indicated an upcoming FAQ with more details and further guidance will be posted within the next few weeks.