|
|
Warning: Foreclosure Scams
|
|
Foreclosure
Avoidance and Mortgage Assistance
|
|
Highlights
HUD is requiring 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. New RESPA regulations
were published November 17, 2008 and are scheduled to take full
effect on January 1, 2010. The "New RESPA Rule FAQs" were comprised
from industry questions and are posted to facilitate implementation
of these new requirements.
Consumers
RESPA
is about closing costs and settlement procedures. RESPA requires
that consumers receive disclosures at various times in the transaction
and outlaws kickbacks that increase the cost of settlement services.
RESPA is a HUD consumer protection statute designed to help homebuyers
be better shoppers in the home buying process, and is enforced by
HUD.
Industry
Comments and Questions
|