Dennis Norman
By: Dennis Norman
New RESPA rules go into effect January 1, 2010, following changes to the rules that went into effect the beginning of this year.
Highlights of the new rules include:
- Mortgage companies may not require the use of its affiliate for tax service or flood letters
- The only fee a loan originator can collect from a borrower prior to issuing a good faith estimate is a fee limited to the cost of a credit report
- There canot be any items listed on the good faith estimate as “Paid outside of closing”
- If a good faith estimate has been provided and the interest rate was not locked and later change, the lender must issue a new good faith estimate if the interest rate, charges or terms change
To view, or download, the complete HUD RESPA FAQs click here.
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