respa: IMPORTANT CHANGES IN RESPA
- 12/07/09 06:49 AM
With all of the changes in regulation, it has become commonplace for loan officers to take mandatory compliance tests verifying their knowledge based. Just this week, I completed my mandatory RESPA (Real Estate Settlement Procedures Act) test and passed with flying colors - not that I was ever worried!
With these new changes in place, going forward all borrowers will be able to compare Good Faith Estimates with the Settlement Statement. These forms will be the same for ALL lenders starting Jan 1st, 2010. This will make shopping for mortgage rates and closing costs much easier for the buyer, as … (2 comments)
Why is the good faith changing? RESPA (Real Estate Settlement Procedures Act) is an industry wide initiative required by U.S. Dept of Housing and Urban Development (HUD) in which all lenders and mortgage brokers will need to comply with no later than January 1, 2010.
Here are some key changes: The GFE (Good Faith Estimate) format will now be standardized across the industry. The GFE can no longer be customized to meet a lender/program/product-specific need, which will ultimately lead to less confusion for borrowers. Charges disclosed … (5 comments)
With all of the changes in regulation, it has become commonplace for loan officers to take mandatory compliance tests verifying their knowledge based. Just this week, I completed my mandatory RESPA (Real Estate Settlement Procedures Act) test and passed with flying colors - not that I was ever worried!;)
;)
