On November 27, 2009, the Department of Housing and Urban Development announced a “live meeting” for December 3, 2009 at 2:00 pm EST to review upcoming RESPA changes and the elimination of the FHA cap on origination fees. Persons wishing to participate may dial in at (866) 757-6799 (Conference ID # 44110568). The new RESPA rule requires that loan originators provide borrowers with a standard Good Faith Estimate (GFE) that discloses key loan terms and closing costs and requires closing agents to provide borrowers with a revised HUD-1 Settlement Statement. The new RESPA rule, published on November 17, 2008 will take full effect on January 1, 2010.

 

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