The U.S. Dept. of Housing and Urban Development recently released a frequently asked questions (FAQs) concerning implementation of the new Real Estate Settlement Procedures Act (RESPA) rule, according to the California Association of REALTORS®. The FAQs were compiled from questions raised within the industry since the publication of the rule.
Some of the topics covered include requirements and delivery of the Good Faith Estimate, the HUD-1 Settlement Statement, and specific information about completion of the GFE and HUD-1 forms.
"If we learned anything from the current crisis, it's that it is hard for borrowers to make responsible decisions if they don't have all the necessary information," said U.S. Department of Housing and Urban Development Assistant Secretary for Housing-Federal Housing Commissioner David Stevens. "I believe these changes will take away much of the uncertainty borrowers have about the accuracy of disclosures."
