Revised RESPA Mortgage Disclosures Take Effect
New regulations promulgated by the U.S. Department of Housing and Urban Development in November 2008 to revise RESPA disclosures took effect on January 1, 2010. Among other things, the new RESPA final rule requires mortgage issuers to use a new HUD-1 settlement statement and a new Good Faith Estimate. To assist compliance, HUD has issued a list of answers to frequently asked questions as well as new instructions for HUD-1 and GFE forms. HUD has also issued a revised settlement booklet to educate consumers about mortgage products and the financial impact of buying a home.
