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The New RESPA Rule: Navigating New Disclosures

Details changes to the Real Estate Settlement Procedures Act (RESPA) and Regulation X that were implemented in 2009 and 2010.
Publisher: LexisNexis
Print Book :softbound pamphlet
$94.00
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ISBN: 9781422490617
Publisher: LexisNexis
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Complying with the Real Estate Settlement Procedures Act (RESPA) and HUD's implementing Regulation X can be frustrating for consumer bankers. Changes to RESPA regulation were implemented in 2009 and 2010, and the forms are much different than previous versions. HUD has continuously issued interpretations, questions and answers, and amendments to these forms, complicating things even further. This special pamphlet, The New RESPA Rule: Navigating New Disclosures , examines the principal areas of confusion and uncertainty with regard RESPA disclosures.

Table of Contents

§   1.01 Introduction 

[1] Overview

[2] Coverage



§   1.02 HUD's New RESPA Regulation

[1] Overview

[2] Application

[a] In General

[b] ECOA Definition

[c] RESPA Flexibility in Definition of Application

[d] Restrictions



§   1.03 HUD's Settlement Cost Booklet



§   1.04 Good Faith Estimate (GFE)

[1] Timing and medium of GFE

[2] Form of the GFE

[3] Ten-day Guarantee

[4] Interest Rate Locks

[5] Must a GFE Be Signed?

[6] Additional worksheets for Explanation Purposes



§   1.05 The New Good Faith Estimate Form - Summary of Information

[1] In General

[2] Good Faith Estimate Details: Page 1

[3] Good Faith Estimate Details: Page 2

[4] Good Faith Estimate Details: Page 3



§   1.06 The HUD-1 (and HUD-1A) Settlement Statement

[1] In General

[2] Who Completes the HUD-1?

[3] Form of the HUD-1

[4] Must the HUD-1 Be Signed?

[5] Itemized Charges

[6] Borrower and Seller Columns

[7] "Paid Outside of Closing" or "P.O.C."



§   1.07 The New HUD-1 Settlement Statement Form - Summary of Information

[1] In General

[2] HUD-1 Settlement Statement Details: Page 1

[3] HUD-1 Settlement Statement Details: Page 2

[4] HUD-1 Settlement Statement Details: Page 3



§   1.08 Servicing Disclosure Statement



§   1.09 Conclusion