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

NAR Comment Letter to HUD on Advanced Notice of Proposed Rulemaking: Strengthening and Clarifying RESPA's "Required Use" Prohibition (PDF: 140K) (Aug. 25)
HUD Creates Monthly RESPA Update (July 22)
NAR Submits Comment Letter to HUD on RESPA Home Warranty Interpretive Rule (PDF: 242K) (July 22)
FHA Commissioner Addresses RESPA Home Warranty Guidance (June 30)
HUD Issues Guidance on Home Warranty Contracts and RESPA (June 28)
HUD Issues Advance Notice of Proposed Rulemaking on "Required Use" (June 3)