RESPA – Final Rule

On Monday November 17, 2008 the Department of Housing and Urban Development (HUD) published in the Federal Register the Real Estate Settlement Procedures Act (RESPA) final rule. There will be a one year implementation period for the new standard Good Faith Estimate and HUD-1 forms before mandatory compliance begins on January 1, 2010. Industry is permitted to use the new forms at any time prior to January 1, 2010, but would be immediately responsible for compliance with all regulations pertaining to the new forms. Other aspects of the new rule, including “average charge” and “required use” provisions, will go into effect beginning on January 16, 2009, 60 days after publication in the Federal Register.
Go to:  http://edocket.access.gpo.gov/2008/pdf/E8-27070.pdf