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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 IMFs 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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