NEW HUD Booklet for Immediate Use to Comply with RESPA

 

On January 5, 2010, the U.S. Department of Housing and Urban Development (HUD) published in the Federal Register a notice announcing the availability on its Web site of the revised special information booklet required by the Real Estate Settlement Procedures Act (RESPA) to be given to homebuyers applying for a mortgage loan (Booklet).  Among other things, the Booklet informs consumers about the new rules relating to the revised Good Faith Estimate form and the revised HUD-1 and HUD-1A Uniform Settlement Statements that lenders and mortgage brokers are required to use beginning January 1, 2010, and how these new forms affect the manner in which consumers shop for mortgage loans.   HUD has reportedly said that mortgage lenders and brokers should begin to disseminate the revised Booklet in place of the old Booklet immediately.
 
The Booklet can be found at HUD’s website at  http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm.