The Real Estate Settlement Procedures Act (RESPA) was enacted in 1974 to provide consumers with improved disclosures of settlement costs and to reduce the costs of closing by the elimination of referral fees and kickbacks. Through the years, the Department of Housing and Urban Development (HUD) has issued regulations and policy statements to provide RESPA guidance to industry and consumers alike.

On November 17, 2008, HUD published a new final rule “To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs.” The rule mandates use of a new Good Faith Estimate (GFE) and HUD-1 which went into effect on January 1, 2010.

Latest News

HUD Issues Informal Letter on Admin Fees (Jan. 29)
VA Releases Circular On Impact of New RESPA Rules on VA Loan Fees and Charges (Jan. 15)
Video: Making Sense of New GFE and HUD-1 Forms (Jan. 11)