With RESPA reform around the corner are you prepared for the up and coming changes?

By
Real Estate Agent with Realty ONE Group 65491

 RESPA Reform: Are you Ready?

 With RESPA reform around the corner are you prepared for the up and coming changes?

 Summary of Changes

 On January 1, 2010, HUD will require that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs.  Closing agents will also be required to provide borrowers a new HUD-1 settlement statement that clearly compares consumers' final and estimated costs.

 What becomes effective January 1, 2010

 1)   Revised Good Faith Estimate (GFE)

 2)   GFE tolerances on settlement costs

 3)   Revised Settlement Statement (HUD-1)

 4)   Revised definitions for application, Good Faith Estimate, and Mortgage Broker

 5)   Additional definitions for changed circumstances, origination services, loan originator, prepayment    penalty, third party, title service and tolerance.

 12-26-2009

Posted by

Robert "Vegas Bob" Swetz  

Direct: 702.443.7156      

If you are interested in Investment Properties in Las Vegas and the State of Nevada I can help you with all your needs.

Las Vegas continues to be a very fast growing city with some great opportunities for employment, retirement and much more. Las Vegas is surrounded by many other places & cities of interest like Lake Mead, Salt Lake City, Zion National Park, Arches National Park, Grand Canyon, Los Angeles, Laguna Beach, Huntington Beach, Monterey Bay, Carmel, San Francisco, Newport Beach, San Diego, Reno, Phoenix, Yosemite National Park, Lake Tahoe and more.

"Have a Wonderful Day"

VIDEOS BY VEGAS BOB

Robert (Vegas Bob) Swetz

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  1. Rosemary Brooks 12/26/2009 09:06 PM
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Ambassador
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Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

We will do a radio show on this in Jan some time after our lenders go to class and post it here. It should be interesting

Dec 26, 2009 07:01 AM #1
Rainmaker
312,366
Rob & Jeannie Steward - Realtors®
RE/MAX Advantage - Nashville, TN
We Work TWICE As Hard For You! - Ashton Group

Hi Robert. We got a sneak peek of the new Hud 1 a few months back from our in-house loan officer. It looks complicated at first glance. But it is necessary and will become second nature rapidly. Thanks for the reminder!

Dec 26, 2009 07:10 AM #2
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Robert Vegas Bob Swetz
Realty ONE Group - Las Vegas, NV
Las Vegas Henderson Homes for Sale

Hello Charlie and a radio show sounds like a lot of fun and interesting!

Rob & Jeannie - Thanks for stopping by and I hope this change will be for the better and not really difficult to adjust too!

VB ;o)

Dec 26, 2009 07:40 AM #3
Rainmaker
312,235
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 12:10 PM #4
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Robert Vegas Bob Swetz

Las Vegas Henderson Homes for Sale
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