AZ Licence # SA 557047000The Real Estate Settlement Procedures Act, also know as RESPA is a consumer statute that was first passed in 1974. The main objective was to help consumers become better shoppers for closing services. Also it was passed to remove or eliminate kickbacks and referral fees that were often passed onto the consumer on their settlement statements.
RESPA requires certain disclosures be made to the borrowers. Over the years the Department of Housing and Urban Development (HUD) has issued regulations and policy statements to provide RESPA guidance to the real estate industry and consumers.
A new rule issued in November of 2008 by HUD was to “To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs.”
As of January 1, 2010 the new rule mandates the use of a new Good Faith Estimate (GFE) and HUD-1.
To learn more about the new GFE and HUD-1 changes, be sure to watch the video.
Common RESPA Questions:
Is a GFE a loan commitment? The Good Faith Estimate (GFE) is an estimate of the total charges associated with obtaining a loan. Showing both charges of regardless of who is paying for the charges. Lenders are bound to the charges quoted on the GFE for 1o days, unless a valid changed circurmstances arises.
Can a Loan Originator collect upfront fees? An applicant must receive his or her initial disclosures before upfront fees are collected. The only exception is for a credit report fee which can be collected at the time of the application.
Does RESPA Reform apply to all loan types? No. It applies to all open-end and closed-end loans but does not apply to home equity lines of credit.
If you are seeking a 
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