Overview
On November 17, 2008, HUD issued its Final Rule amending
Regulation X, the implementing regulation of the Real Estate Settlement
Procedures Act
of 1974 (RESPA). The new RESPA rule became effective on January 16, 2009, but provided a one-year transition period for the mortgage industry to incorporate these changes.
On January 6, 2010, the U. S. Department of Housing and Urban Development (HUD) further revised the Settlement Cost Booklet, "Shopping for Your Home Loan," that it had previously revised on December 15, 2009 to comply with the new RESPA rule requirements.
On January 1, 2010, HUD will require that lenders and mortgage brokers provide consumers with a copy of the new Settlement Cost Booklet within three (3) days of applying for a mortgage loan.
Effective: January 1, 2010.
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Highlights
Table of Contents (REVISED)
I. Introduction Purchasing Time-line II. Before You Buy Are You Ready to be a Homeowner? III. Determining What You Can AffordIV. Shopping for a House Role of the Real Estate Broker Selecting an Attorney Terms of the Sales Agreement Affiliated Businesses Builders V. Shopping for a Loan Loan Originator Types of Loans and Programs VI. Good Faith Estimate (GFE) Page 1 Page 2 Page 3 VII. Shopping for Other Settlement ServicesVIII. Your Settlement and HUD-1 Page 1 Page 2 Page 3 IX. Your Loan after SettlementX. Home Equity and RefinancesXI. Appendix Additional Information Contact Information Glossary of Terms Types of Mortgage Products HUD-1 Settlement Statement The Do List / The Don't List |
