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The Final RESPA Rule. GFE Page 1. 2. Important Dates. 3. Summary of your loan. 4. Escrow account information. 5. GFE Page 2. 6. 7. 8. 9. GFE Page 3. 12. HUD-1 Settlement Statement. 13. HUD-1 Page 2. 14. 15. 16. 17. 18. 19. 20. 21. 22. HUD-1, page 3. 23. - PowerPoint PPT Presentation
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The Final RESPA Rule
GFE
Page 1
2
Important Dates
3
Summary of your loan
4
Escrow account information
5
GFE
Page 2
6
7
8
9
GFE
Page 3
12
HUD-1
Settlement
Statement
13
HUD-1
Page 2
14
15
16
17
18
19
20
21
22
HUD-1,
page 3
23
Comparison
Chart
24
Charges That Cannot Increase
25
10% Tolerance
26
Charges That Can Change
27
Loan
Terms
28
29
30
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
Average
Charge
33
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
Average Charge
• charge may not exceed average calculation
• charge may not exceed TOTAL price paid to 3rd party provider
• originator must retain all documentation determining accuracy of pricing method for at least 3 years
35
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)
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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
Department of Housing and
Urban Development
Office of RESPA & Interstate Land Sales
451 7th Street SW, Room 9154
Washington DC 20410
(202) 708-0502
www.hud.gov/respa
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