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The Final RESPA Rule. GFE Page 1 2 Important Dates 3.

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Presentation on theme: "The Final RESPA Rule. GFE Page 1 2 Important Dates 3."— Presentation transcript:

1 The Final RESPA Rule

2 GFE Page 1 2

3 Important Dates 3

4 Summary of your loan 4

5 Escrow account information 5

6 GFE Page 2 6

7 7

8 8

9 9

10

11

12 GFE Page 3 12

13 HUD-1 Settlement Statement 13

14 HUD-1 Page 2 14

15 15

16 16

17 17

18 18

19 19

20 20

21 21

22 22

23 HUD-1, page 3 23

24 Comparison Chart 24

25 Charges That Cannot Increase 25

26 10% Tolerance 26

27 Charges That Can Change 27

28 Loan Terms 28

29 29

30 30

31

32 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

33 Average Charge 33

34 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

35 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

36 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

37 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

38 Department of Housing and Urban Development Office of RESPA & Interstate Land Sales th Street SW, Room 9154 Washington DC (202)


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