Effective January 1, 2010 new HUD rules went into effect which require the settlement process for borrowers to be made more clear by the use of new forms. The Good Faith Estimate form and HUD-1 Settlement Statement required by the Real Estate Settlement Procedures Act (RESPA) has been revamped. Lenders, borrowers and title companies need to be sure they have implemented the new changes. For more information on the RESPA changes please contact us.
HUD’s press release on the RESPA changes can be found here.
For a sample of the new Good Faith Estimate Form, go here.
For a sample of the new HUD-1 Settlement Statement, go here.