Joe Foster's Blog

New HUD-1 and Good Faith Estimates this year

New RESPA Rules from the U.S Department of Housing and Urban Development (HUD) have taken effect as of January 1, 2010.  The bottom lines is that 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.  Of course, there is much, much more to these changes, which would take up exactly 52 pages.  We'll just provide you with the option of following the link below to obtain the details.

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.