What is RESPA?
The Real Estate Settlement Procedures Act (RESPA) guides those in the residential lending world on how to disclose important facts about the costs of buying a home. HUD is requiring that loan originators 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 November 17, 2008 and are scheduled to take full effect on January 1, 2010. The "New RESPA Rule FAQs" were comprised from industry questions and are posted to facilitate implementation of these new requirements.
Rather than try and explain it all hear, I'm providing a link to HUD's website where you can read all the information for yourself.
Casey
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Casey Bui, MPA, RealtorAssociate Broker,
Residential Real Estate Division
Rockwell Realty
(206) 234-5611
caseybui@gmail.com
Thank you for this post. I have just written my own on the new RESPA rules and even went ahead and created a group, just for RESPA posts, like this one.
Would you please consider joining this new group and adding this post to the group.
Thank you in advance,
John