This week I attended a training seminar held by SAR to learn the changes on the new HUD-1 (Settlement Statement) and GFE (Good Faith Estimate) RESPA 2010 Rules. This new form will go into effect January 1, 2010.
This is the most far reaching change that RESPA has initiated in many years. It's purpose is to protect consumers (borrowers) from surprises at the closing table, lower consumer costs, and making shopping for a loan easier. The 2 forms will have to match and must be no more than 10% above the final aggregate amount of certain sections.
The new HUD-1 is a three pages and have new rules about what goes where. The best one I see is no longer seeing various line items for title charges including wire fees, document storage and other "junk fees". Title companies will have to charge you one flat fee that will include everything.
I am so glad to have attended this presentation to better serve my clients in the confusing times ahead. Here is a link to the new form if you are interested in seeing it. This is far reaching and will change the way different service providers work together.
• New HUD-1
• New GFE
• Frequently Asked Questions
If you are confused about all this, rest assured I got you covered. Call me.
Dill
