The Final RESPA Rule
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The Final RESPA Rule
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The Final RESPA Rule. GFE Page 1. 2. Important Dates. 3. Summary of your loan. 4. Escrow account information. 5. GFE Page 2. 6. 7. 8. 9. GFE Page 3. 12. HUD-1 Settlement Statement. 13. HUD-1 Page 2. 14. 15. 16. 17. 18. 19. 20. 21. 22. HUD-1, page 3. 23. - PowerPoint PPT Presentation
Transcript of The Final RESPA Rule
The Final RESPA Rule
GFE
Page 1
2
Important Dates
3
Summary of your loan
4
Escrow account information
5
GFE
Page 2
6
7
8
9
GFE
Page 3
12
HUD-1
Settlement
Statement
13
HUD-1
Page 2
14
15
16
17
18
19
20
21
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HUD-1,
page 3
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Comparison
Chart
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Charges That Cannot Increase
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10% Tolerance
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Charges That Can Change
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Loan
Terms
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29
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Right-to-cure
Inadvertent or technical errors
not a violation of RESPA Section 4
IF revised HUD-1 is provided within
30 calendar days after settlement
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Average
Charge
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Average Charge
• calculations based on specific class of transactions
• during a specific time period
- not less than 30 days
- not more than 6 months
• for a specific geographical area
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Average Charge
• charge may not exceed average calculation
• charge may not exceed TOTAL price paid to 3rd party provider
• originator must retain all documentation determining accuracy of pricing method for at least 3 years
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Average Charge
• may not average on charges based on loan amount or property value
(e.g. transfer taxes, interest charges, escrow reserves & all insurances including title insurance)
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Miscellaneous
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• revised the required use definition
• revised the Servicing Disclosure Statement
• eliminated 1% cap on FHA origination fees (2.5% - new construction)
• updated reserve/escrow account language
• allowed for ESIGN applicability
Department of Housing and
Urban Development
Office of RESPA & Interstate Land Sales
451 7th Street SW, Room 9154
Washington DC 20410
(202) 708-0502
www.hud.gov/respa
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