RESPA Rule Regulatory Reprieve
Posted on November 14, 2009
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The new Real Estate Settlement Procedures Act rule is effective as on Jan. 1, 2010. The rule requires a new Good Faith Estimate and a new HUD-1 settlement statement that clearly compares estimated and final costs is also being implemented. In a statement, the U.S. Department of Housing and Urban Development.said its Mortgagee Review Board would "exercise restraint in enforcing" the new regulatory requirements for the first four months of next year if the FHA-approved lender has demonstrated a good faith effort in complying with the new RESPA requirements.
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