Friday, November 13, 2009

BREAKING NEWS: HUD Announces 120-Day Delay in Enforcement of new RESPA rules

The U.S. Department of Housing and Urban Development (HUD) announced today that while the new regulatory changes to the HUD-1 Settlement Sheet and Good Faith Estimate (GFE) are still effective January 1, 2010, the board overseeing enforcement of these new rules will "exercise restraint in enforcing" them. The full article from is here.

The likely impact is that for the first 4 months of 2010 borrowers could see either the current or the revised GFE and HUD-1 form, depending on whether the lender has implemented the changes.

We will provide more updates as we get them.