RESPA rule changes are going to be effective on January 1, 2010.  The changes are significant and will have a great deal of impact on how we quote fees, prepare our HUD-1 statements and present the HUD-1 at the signing table.

What is Changing?

*  Many Title and Escrow Fees will no longer be itemized.

*  There are references to the Good Faith Estimate (GFE) on Page 2 of the HUD-1 except in the Real Estate Commission (700) section.

*  Escrow will be responsible for completing a new page 3 to the HUD-1 that will include GFE fees and new loan terms.

*  Tolerances will be imposed on fees provided on the GFE fees versus what the actual charge on the HUD is.

*  If for some reason a lender provides escrow a new GFE prior to January 1, 2010, all the new rules apply to the transaction, including using the new HUD-1.

If you would like more information on the upcoming changes please visit:  http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm

If you would like to contact Anna Gonzales directly please call 713-248-5943