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12. 7.09 - New HUD-1 & GFE on January 1st

New HUD-1 and Good Faith Estimates to be implemented by Jan. 1, 2010

New RESPA Rules from the U.S Department of Housing and Urban Development (HUD) will take full effect on January 1, 2010. 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 newHUD-1 settlement statement. To find answers to frequently asked questions, check out the New RESPA Rule FAQs by clicking here. For a HUD-1 form, click here and for a Good Faith Estimate form, click here. Need additional information? Check out highlights and additional links to information at: http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm.