On November 17, 2008, HUD issued its Final Rule amending
Regulation X, the implementing regulation of the Real Estate Settlement
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)
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
V. Shopping for a Loan
Types of Loans and Programs
VI. Good Faith Estimate (GFE)
VII. Shopping for Other Settlement Services
VIII. Your Settlement and HUD-1
IX. Your Loan after Settlement
X. Home Equity and Refinances
Glossary of Terms
Types of Mortgage Products
HUD-1 Settlement Statement
The Do List / The Don't List