In the news ... Tuesday, January 6, 2009

Mid-Atlantic Area

 

Delaware

32 The Green

Dover, DE  19901

(302) 734-3570

(800) 722-0784

(302) 734-3254 - fax

 

The 800 King Street Building

800 King Street, Suite 304

Wilmington, DE  19801

(302) 661-1997

(302) 661-1996 - fax

 

Pennsylvania

Three Glenhardie Corporate Center

1265 Drummers Lane, Suite 220

Wayne, PA  19087

(610) 687-8020

(800) 842-2080

(610) 687-6056 - fax

 

Calder Square

P.O. Box 10326

State College, PA  16805-0326

(814) 238-3600

(814) 238-3604 - fax

 

125 Technology Drive, Suite 101

Canonsburg, PA  15314

(866) 364-2777

(724) 746-5434 - fax

 

Maryland

Columbia Corporate Park

8850 Stanford Blvd., Suite 2900

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax

 

Virginia

9303 Center Street, Suite 101

Manassas, VA  20110-5547

(703) 365-2300

(800) 232-6817

(703) 365-2400 - fax

 

1245 Mall Drive

Richmond, VA  23235

(804) 897-5499

(888) 859-9222

(804) 288-4090


RESPA RULE


On November 12, 2008, the Department of Housing and Urban Development (HUD) published its long awaited RESPA reform rule with the goal in mind to help consumers shop for their loans and to better understand the loan process.  For the first time in the 30 years that RESPA has existed, HUD will require lenders and mortgage brokers to provide a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. 

The new GFE will be 3 pages in length and will clearly state the term of the loan, the interest rate, whether the interest rate is fixed or adjustable, prepayment penalties (if any), balloon payments (if any) and the total closing costs.

Please be sure to note that the effective date for this new rule is January 16th, but the use of the new GFE and HUD1/1A is not required until 1/1/2010! In order to read the full article, please CLICK HERE!

If you have any questions or concerns, please contact Kate Blake-Endicott at 800-722-0784.

Thank you!

 

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Old Republic Title Update is published by the Mid-Atlantic Area Office of Old Republic National Title Insurance Company in an effort to provide information relative to our industry on a timely basis. None of the materials included in this publication should be deemed legal or underwriting advice or should be acted upon without prior consultation with your underwriter or counsel.