RESPA Reform

RESPA has made mandatory changes to be in effect by January 1, 2010 The objective is to help consumers shop for the best loan, leading to competition and lower prices. Disclose loan information to consumers early and in an easy to understand format. THE GFE and HUD-1 will look significantly different and will require a zero tolerance to certain categories. The HUD-1 will contain GFE numbered references and Lump and Dump fees. Many of the title and escrow fees will no longer be itemized. Escrow will be responsible for completing a new Page 3 to the HUD-1 that will include GFE fees and new loan terms.