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Published byTerrell Coppins Modified over 9 years ago
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The Final RESPA Rule
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GFE Page 1 2
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Important Dates 3
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Summary of your loan 4
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Escrow account information 5
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GFE Page 2 6
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GFE Page 3 12
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HUD-1 Settlement Statement 13
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HUD-1 Page 2 14
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HUD-1, page 3 23
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Comparison Chart 24
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Charges That Cannot Increase 25
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10% Tolerance 26
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Charges That Can Change 27
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Loan Terms 28
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Right-to-cure Inadvertent or technical errors not a violation of RESPA Section 4 IF revised HUD-1 is provided within 30 calendar days after settlement 32
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Average Charge 33
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Average Charge calculations based on specific class of transactions during a specific time period - not less than 30 days - not more than 6 months for a specific geographical area 34
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Average Charge charge may not exceed average calculation charge may not exceed TOTAL price paid to 3 rd party provider originator must retain all documentation determining accuracy of pricing method for at least 3 years 35
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Average Charge may not average on charges based on loan amount or property value (e.g. transfer taxes, interest charges, escrow reserves & all insurances including title insurance) 36
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Miscellaneous 37 revised the required use definition revised the Servicing Disclosure Statement eliminated 1% cap on FHA origination fees (2.5% - new construction) updated reserve/escrow account language allowed for ESIGN applicability
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Department of Housing and Urban Development Office of RESPA & Interstate Land Sales 451 7 th Street SW, Room 9154 Washington DC 20410 (202) 708-0502 hsg-respa@hud.gov www.hud.gov/respa 38
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