The Components of the Final RESPA Rule
(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 (4)
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.
Jamie Keeton, over 14 years ago
Jamie, thanks for these updates that will affect nearly all of us.
Jon Klaus, over 14 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
Jamie Keeton, over 14 years ago
Thanks for the tips, Jamie. A link to the new HUD-1 would probably be helpful to many of us.
Joshua Dorkin, over 14 years ago