RP - Mortgage Lending Committee

New RESPA rules

The proposed changes to RESPA are can be found here. The proposals include a new proposed form of HUD-1 closing statement and a new proposed form of a Good Faith Estimate.   The comment period is scheduled to expire May 13, 2008. The American Land Title Association has additional information about the rules here.

The Mortgage Bankers Association also has proposed revised forms of the HUD-1 and Good Faith Estimate Forms, which make for an interesting comparison with the HUD forms.  Current drafts of the MBA forms are posted on the Mortgage Lending website under "Links of Interest."