November 18, 2008
After eight months of deliberation and 12,000 comment letters, the U.S. Department of Housing and Urban Development (HUD) issued the final draft of its proposed Real Estate Settlement Procedures Act this past Wednesday.
While the new RESPA rule contains many long-anticipated reforms, it was ultimately issued without the hotly contested closing script that drew so much attention from the title industry.
In a move that HUD’s assistant secretary of housing Brian Montgomery felt “balanced the needs of consumers with those in the business of homeownership,” HUD instead created a new page that enables consumers to compare final loan terms and closing costs with those listed on the Good Faith Estimate (GFE).
Visit the Official HUD RESPA page for more information on the Final RESPA Rule.