WASHINGTON ? Dec. 17, 2009 ? The U.S. Department of Housing and Urban Development (HUD) has updated and re-released ?Shopping for Your Home Loan: HUD?s Settlement Cost Booklet.?
A large share of content in the 49-page publication, which helps consumers comparison-shop mortgages, addresses the standardized Good Faith Estimate and HUD-1 settlement statement forms that lenders must start using on Jan. 1, 2010.
HUD estimates that consumers could save almost $700 in costs and fees per loan on average as a result of the new requirement, which is one of several changes to the Real Estate Settlement Procedures Act (RESPA).
In addition to the updated literature, the agency has set up a RESPA ?FAQ? section and other information on a dedicated RESPA page so that consumers, settlement service providers and lenders can gain a better understanding of the new rules.
To download the updated booklet, read the FAQs or get more information about RESPA changes effective Jan. 1, 2010, visit HUD?s dedicated RESPA page at: http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
The National Association of Realtors also maintains an informational webpage to help Realtors understand the upcoming changes at: http://www.realtor.org/government_affairs/respa
Source: Inman News (12/17/09)
? Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment