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                                   HUD Issues REVISED Settlement Cost Booklet



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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.

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 Afford

IV.    Shopping for a House
         Role of the Real Estate Broker
         Selecting an Attorney
         Terms of the Sales Agreement
         Affiliated Businesses

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 Services

VIII.  Your Settlement and HUD-1
         Page 1
         Page 2
         Page 3

IX.     Your Loan after Settlement

X.      Home Equity and Refinances

XI.     Appendix
         Additional Information
         Contact Information
         Glossary of Terms
         Types of Mortgage Products
         HUD-1 Settlement Statement
         The Do List / The Don't List

Highlights: Dates

Final Rule
Implementation Dates


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Settlement Cost Booklet (HUD) - "Shopping for Your Home Loan"
January 6, 2010 (Revised)
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