New Real Estate Settlement Procedures Act (RESPA) Regulations took effect on January 1, 2010. HUD requires that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement.
Please click here for access to the Department of Housing and Urban Development RESPA Site. The "New RESPA Rule FAQs" were comprised from industry questions and are posted on the HUD’s site to facilitate implementation of these new requirements. Please click here to access the FAQs.
Click here to access HUD's Settlement Cost Booklet.