RESPA Changes/New GFE and HUD-1

RESPA Changes/New GFE and HUD-1

HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate (GFE) 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 Nov. 17, 2008 and will take full effect Jan. 1, 2010. The "New RESPA Rule FAQs" were created from industry questions and are posted to facilitate implementation of these new requirements.

Visit the NAR and RESPA Web sites for more information.

Download HUD's new settlement cost booklet.

View the new RESPA rule FAQs.