RESPA Rule Update
Posted on December 1, 2009
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The Department of Housing and Urban Development issued two new versions of the frequently asked questions to provide further guidance on the Real Estate Settlement Procedures Act rule. The rule is scheduled for implementation on Jan. 1, 2010. Under the new RESPA rule, when a loan originator permits a borrower to shop for the provider of a required settlement service, the loan originator must give the borrower a list identifying one or more available providers for each applicable service.
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