New Regulations Intended to Protect Consumers. More than 80 real estate professionals, including a handful of loan originators, learned about a new government program intended to reduce fraud in the mortgage lending industry
CornerStone Title Presents FREC Approved Course. Designed to protect consumers and reduce fraud in the real estate industry, the new Real Estate Settlement Procedures Act (RESPA), is the topic of a course entitled “Mysteries of the New HUD Revealed.”
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 […]
Tuesday, June 22, 2010
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