Financial Institutions Law: HUD Issues Final RESPA Rule and the Federal Reserve Board Makes More Changes to Regulation Z


On November 17, 2008, the Department of Housing and Urban Development ("HUD") published its long-awaited rule amending Regulation X. Regulation X is the rule that implements the Real Estate Settlement Procedures Act ("RESPA"). The new rule makes sweeping revisions to the Good Faith Estimate ("GFE") and corresponding modifications to the Uniform Settlement Statements (the "HUD-1" and the "HUD1-a"). It also contains a new definition of "application" that may change the point at which many GFEs will be provided. Even more significantly, the rule will require that the GFE be "binding" for at least 10 business days, and it will limit the amount by which many of the estimated fees may increase before closing.


For a more detailed summary of the new RESPA and TIL rules, see


For more information, please contact the Financial Institutions Law Industry Team at Lane Powell:

206.223.7000 Seattle

503.778.2100 Portland

360.754.6001 Olympia

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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