2010 GFE, HUD-1 and Good Funds Legislation
changes scheduled to take effect January 1, 2010,
Are You Ready?
On November 17, 2008, the Real Estate Settlement Procedures Act (RESPA) was issued by the US Department of Housing and Urban Development (HUD) "to simplify and improve the process of obtaining mortgages and reduce consumer settlement costs." According to HUD, the new rule requires that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement. The new RESPA regulations are scheduled to take effect on January 1, 2010. In addition, Illinois' new Good Funds Legislation goes into effect on January 1, 2010.
At Old Republic Title, we're prepared for these changes. We are ready to insure and close your transactions smoothly and efficiently both now and after the January 1, 2010 implementation date.
If you have specific questions, please feel free to
Helpful Links for RESPA 2010 and Good Funds Legislation