Post on 02-Jan-2016
description
transcript
The Final RESPA Rule
GFE
Page 1
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Important Dates
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Summary of your loan
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Escrow account information
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GFE
Page 2
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GFE
Page 3
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HUD-1
Settlement
Statement
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HUD-1
Page 2
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HUD-1,
page 3
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Comparison
Chart
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Charges That Cannot Increase
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10% Tolerance
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Charges That Can Change
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Loan
Terms
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Right-to-cure
Inadvertent or technical errors
not a violation of RESPA Section 4
IF revised HUD-1 is provided within
30 calendar days after settlement
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Average
Charge
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Average Charge
• calculations based on specific class of transactions
• during a specific time period
- not less than 30 days
- not more than 6 months
• for a specific geographical area
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Average Charge
• charge may not exceed average calculation
• charge may not exceed TOTAL price paid to 3rd party provider
• originator must retain all documentation determining accuracy of pricing method for at least 3 years
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Average Charge
• may not average on charges based on loan amount or property value
(e.g. transfer taxes, interest charges, escrow reserves & all insurances including title insurance)
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Miscellaneous
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• revised the required use definition
• revised the Servicing Disclosure Statement
• eliminated 1% cap on FHA origination fees (2.5% - new construction)
• updated reserve/escrow account language
• allowed for ESIGN applicability
Department of Housing and
Urban Development
Office of RESPA & Interstate Land Sales
451 7th Street SW, Room 9154
Washington DC 20410
(202) 708-0502
hsg-respa@hud.gov
www.hud.gov/respa
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