Changes in RESPA

By
Services for Real Estate Pros with Scanlon Signing Services
Changes to RESPA  

lisa by car As you have likely read the Department of Housing and Urban Development (HUD) made changes to the Real Estate Settlement Procedures Act (RESPA) that are intended to make it easier for borrowers to understand the settlement process.  

Here are some important changes taking effect 1-1-10. It establishes a standard 3 page Good Faith Estimate (GFE).

 Limits the fee associated with the GFE to the cost of the credit report.

Establishes a 3 page HUD, with the 3rd page for the borrower to compare estimated charges from the GFE to the final charges from the HUD.

Also Eliminated the 1% cap on FHA origination fees.  

 If you would like additional information on this topic here is a link, http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm

I will keep you updated on any new changes,

Sincerely,

Lisa Scanlon, CSA

941-447-7130

www.scanlonsigningservices.com

 

Comments (4)

Marty Remo
RE/MAX Benchmark- Marty Remo-CDPE, E-Pro - Monroe, NY
HV Home Team

Thank you for the update. It seems to be a positive change. Good luck in the new year!

Dec 16, 2009 01:05 AM
Lisa Scanlon
Scanlon Signing Services - Bradenton, FL
Certified Signing Agent

Thanks, you to.

Dec 16, 2009 01:12 AM
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

Great Article on this important topic - Changes with RESPA.

I recently wrote my own article on the topic and could not find a group to post it to - so I created the RESPA Group, here in ActiveRain.  In just 4 days we are up to 39 members and 23 valuable blog posts.

I would like to invite you to join the group and repost this important resource to the group so many will be able to easily find it, when researching and following the topic.

Thanks for your consideration,

John

Jan 06, 2010 12:14 PM
Lisa Scanlon
Scanlon Signing Services - Bradenton, FL
Certified Signing Agent

Hi John,

I did just join your group, thanks for the invite. I did re-post my RESPA article.

Lisa Scanlon, CSA

 

 

Jan 07, 2010 11:08 PM