BiggerPockets

The Components of the Final RESPA Rule

Tuesday, October 20

(Effective 1/1/2010) FINAL RULE QUICK SUMMARY:

1) Changes to the new Good Faith Estimate (GFE). It will now become a 3 page document.

2) Yield Spread Premiums (YSP) are not longer paid to a mortgage broker, but are now going to be a credit on the NEW HUD to the borrower.

3) The NEW HUD-1 form will now become 3 pages and will reflect charges in an entirely different manner.

4) The REQUIRED USE provision intends to make any economic incentives or disincentives illegal, when used to "pursuade" a consumer's choice of various service providers. I

f you would like samples of the NEW HUD-1 and/or GFE, I will be happy to provide you a copy. I STRONGLY urge everyone to become familiar. Additional information will be posted soon.

Comments

1. 

   Joshua Dorkin Reply
   over 2 years ago

   Thanks for the tips, Jamie. A link to the new HUD-1 would probably be helpful to many of us.

2. 

   Jamie Keeton Reply
   over 2 years ago

   Thanks Joshua,

   For noticing that! Here they are.

   (CLICK THE FOLLOWING LINK TO VIEW THE NEW GFE) http://www.hud.gov/content/releases/goodfaithestimate.pdf

   (CLICK THE FOLLOWING LINK TO VIEW THE NEW HUD STATEMENT) http://www.hud.gov/content/releases/hud-1.pdf

3. 

   Jon K. Reply
   over 2 years ago

   Jamie, thanks for these updates that will affect nearly all of us.

4. 

   Jamie Keeton Reply
   over 2 years ago

   No problem, at this very moment I am writing information pertaining to the new GFE. Hopefully it is of some assistance or just a "good to know" for others.

Post a Comment

Your Name:
Your Email:
	Subscribe to comments?