HUD has amended several regulations as part of the Real Estate Settlement and Procedure Act (RESPA). Essentially, HUD is requiring more timely and effective disclosures related to mortgage settlement costs. The changes are designed to protect consumers from unnecessarily high settlement costs and to make it easier for consumers to compare loans.
On January 1, 2010, all lenders are required to use a new standardized Good Faith Estimate (GFE) form for all loan applications. Additionally, closing agents must use a new HUD-1 Settlement Statement when the new GFE is used.
As these revisions impact the way your buyers proceed through the home loan process, it is important that you be aware of the changes. Fortunately, our partners at Coldwell Banker Home Loans are fully committed to providing you with the information you need to be fully informed in this transition. They are well versed in all elements of the new GFE and HUD-1 Settlement Statement and are fully prepared to answer your questions and lead you through the transition.
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