RESPA/Regulation X Changes By C. J. Coury
RESPA/Regulation X Changes Information Courtesy Of C. J. Coury The U.S. Department of Housing and Urban Development (HUD) has announced significant revisions to the lending requirements under RESPA/Regulation X. These changes impact the Good Faith Estimate (GFE) and HUD Settlement Statements (HUD-1 and HUD-1A) and will be effective with new first mortgage applications taken on or after January 1, 2010. These important regulatory changes will place new requirements on lenders to ensure that borrowers are better positioned to understand their mortgage transaction. Following is an overview of the four key changes associated with the new Regulation X requirements. 1. Good Faith […]
Monday, November 23, 2009
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