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Guide to RESPA 2010

A massive overhaul of the Real Estate Settlement Procedures Act requirements became effective January 1. Find out what the new rule means for the mortgage market from IMF’s Guide to RESPA 2010.

The entire industry must comply with the final rule including lenders, brokers, homebuilders, title agents and others. What changes will you have to make to comply with the new rule? Which requirements will impact you most?

RESPA Overview:

  • Reasons for Revision
  • Implementation Dates
  • Page-by-page GFE Information
  • Extra Worksheets
  • TILA Coordination
  • Required Use

GFE/HUD-1 Highlights:

  • GFE Provided by Mortgage Broker
  • Settlement Service Providers List
  • Liability for Lenders
  • Average Charges
  • Title Industry Concerns
  • New Methods for Disclosing Charges

Lender Issues:

  • Implementation Issues
  • Changed Circumstances
  • Retail and Wholesale Concerns
  • Compliance Manager Concerns
  • Program Manager Concerns

State Law Concerns:

  • Overview
  • Guidance from HUD
  • Terminology, Points, and Fees
  • HUD-1 Disclosure
  • 'State' Regulation

Plus all of the FAQs from HUD organized by topic, and more.

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