HUD Issues Corrections, Clarifications to RESPA
July 12, 2011
HUD issued a final rule making technical corrections and clarifying amendments to RESPA regulations, including a clarification on instructions for the HUD-1. According to HUD, if a borrower does not purchase a settlement service that was on listed on the GFE, such as owner’s title insurance, there should be no amount entered for that service in the corresponding line on Page 2 of the HUD–1, and the estimate of the charge from the GFE should not appear on the comparison chart on Page 3 of the HUD–1. Read on for more about these corrections and clarifications.
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