HUD Updates RESPA

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SALIENT UPDATES:

GFE, HUD-1, Intent to Proceed, Tolerances, Changed Circumstances, Rate Locks, Construction Loans.

On July 11, 2011, the Department of Housing and Urban Development (HUD) issued updates to the Real Estate Settlement Procedures Act (RESPA).

This is a final rule (Rule) which makes technical corrections and certain clarifying amendments to HUD's RESPA regulations promulgated by a final rule published on November 17, 2008, which became applicable on January 1, 2010.

The HUD will transfer its authority over this Rule to the CFPB on July 21, 2011.

Effective Date: August 10, 2011.

ARTICLE PROVIDES OUTLINE AND RESOURCES.

LOADING PDF: If there are any problems, click here to download the file.


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.

© Jonathan Foxx, Lenders Compliance Group | Attorney Advertising

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