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Real Estate Settlement Procedures Act (RESPA): Proposed Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs
Part III
Proposed Rules
D09002ee1bdd950e9
D09002ee1bdd951d3
United States
Department of Housing and Urban Development
originator
org
United States Government Agency or Subagency
This proposed rule presents HUD's proposal to simplify and improve the disclosure requirements for mortgage settlement costs under the Real Estate Settlement Procedures Act of 1974 (RESPA), to protect consumers from unnecessarily high settlement costs. This proposed rule takes into consideration: discussions during HUD's RESPA Reform Roundtables held in July and August 2005; public comments in response to HUD's July 29, 2002, proposed rule that addressed RESPA reform; and comments received and views expressed through congressional hearings; meetings with affected parties; and consultation with other federal agencies, including the Small Business Administration Office of Advocacy. HUD's objective in proposing these revisions is to protect consumers from unnecessarily high settlement costs by taking steps to: Improve and standardize the Good Faith Estimate (GFE) form, to make it easier to use for shopping among settlement service providers; ensure that page one of the GFE provides a clear summary of the loan terms and total settlement charges so that borrowers will be able to use the GFE to comparison shop among loan originators for a mortgage loan; provide more accurate estimates of costs of settlement services shown on the GFE; improve disclosure of yield spread premiums to help borrowers understand how they can affect their settlement charges; facilitate comparison of the GFE and the HUD-1/HUD-1A Settlement Statements (HUD-1 settlement statement or HUD-1); ensure that at settlement borrowers are made aware of final loan terms and settlement costs, by reading and providing a copy of a ``closing script'' to borrowers; clarify HUD-1 instructions; clarify HUD's current regulations concerning discounts; and expressly state when RESPA permits certain pricing mechanisms that benefit consumers, including average cost pricing and discounts, including volume based discounts.
73 FR 14030
https://www.govinfo.gov/app/details/FR-2008-03-14/08-1015
08-1015
fr14mr08-25
RIN 2502-AI61
4210-67-P
Docket No. FR-5180-P-01
https://www.govinfo.gov/app/details/FR-2008-03-14/08-1015
https://www.govinfo.gov/content/pkg/FR-2008-03-14/html/08-1015.htm
https://www.govinfo.gov/content/pkg/FR-2008-03-14/pdf/08-1015.pdf
Hawaiian Natives
Home Improvement
Indians-Lands
Loan Programs-Housing and Community Development
Mortgage Insurance
Reporting and Recordkeeping Requirements
Solar Energy
Consumer Protection
Condominiums
Housing
Mortgagees
Mortgage Servicing
Reporting
Recordkeeping Requirements
95 p.
14030
14124
73 FR 14030
Code of Federal Regulations
Title 24 Part 203
24 CFR Part 203
Code of Federal Regulations
Title 24 Part 3500
24 CFR Part 3500
Regulation Identification Number 2502-AI61
RIN 2502-AI61
Real Estate Settlement Procedures Act (RESPA): Proposed Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs; Federal Register Vol. 73, Issue
PRORULE
08-1015
III
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
2008-05-13
Docket No. FR-5180-P-01
4210-67-P
08-1015
Proposed rule.
This proposed rule presents HUD's proposal to simplify and improve the disclosure requirements for mortgage settlement costs under the Real Estate Settlement Procedures Act of 1974 (RESPA), to protect consumers from unnecessarily high settlement costs. This proposed rule takes into consideration: discussions during HUD's RESPA Reform Roundtables held in July and August 2005; public comments in response to HUD's July 29, 2002, proposed rule that addressed RESPA reform; and comments received and views expressed through congressional hearings; meetings with affected parties; and consultation with other federal agencies, including the Small Business Administration Office of Advocacy. HUD's objective in proposing these revisions is to protect consumers from unnecessarily high settlement costs by taking steps to: Improve and standardize the Good Faith Estimate (GFE) form, to make it easier to use for shopping among settlement service providers; ensure that page one of the GFE provides a clear summary of the loan terms and total settlement charges so that borrowers will be able to use the GFE to comparison shop among loan originators for a mortgage loan; provide more accurate estimates of costs of settlement services shown on the GFE; improve disclosure of yield spread premiums to help borrowers understand how they can affect their settlement charges; facilitate comparison of the GFE and the HUD-1/HUD-1A Settlement Statements (HUD-1 settlement statement or HUD-1); ensure that at settlement borrowers are made aware of final loan terms and settlement costs, by reading and providing a copy of a ``closing script'' to borrowers; clarify HUD-1 instructions; clarify HUD's current regulations concerning discounts; and expressly state when RESPA permits certain pricing mechanisms that benefit consumers, including average cost pricing and discounts, including volume based discounts.
Comment Due Date: May 13, 2008.
Ivy Jackson, Director, or Barton Shapiro, Deputy Director, Office of RESPA and Interstate Land Sales, U.S. Department of Housing and Urban Development, 451 Seventh Street, SW., Room 9158, Washington, DC 20410; telephone number (202) 708-0502 (this is not a toll-free number). For legal questions, contact Paul S. Ceja, Assistant General Counsel for GSE/RESPA, Joan L. Kayagil, Deputy Assistant General Counsel for GSE/RESPA or Rhonda L. Daniels, Attorney- Advisor for GSE/RESPA, Room 9262; telephone number (202) 708-3137. Persons with hearing or speech impairments may access this number via TTY by calling the toll-free Federal Information Relay Service at (800)
Hawaiian Natives
Home Improvement
Indians-Lands
Loan Programs-Housing and Community Development
Mortgage Insurance
Reporting and Recordkeeping Requirements
Solar Energy
Consumer Protection
Condominiums
Housing
Mortgagees
Mortgage Servicing
Reporting
Recordkeeping Requirements
Real Estate Settlement Procedures Act (RESPA):
Proposed Rule to Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs,
http://www.bytesoftware.com
http://www.callutopia.com/support.html
http://www.dynatek.com/products.asp
http://www.hud.gov/respa
http://www.huduser.org/publications/hsgfin/GoodFaith.html
http://www.lawfirmsoftware.com/software/good-faith-estimate.htm
http://www.themortgageoffice.com/main.asp
http://www.vantageilm.com
www.hud.gov/respa
www.regulations.gov
Federal Register
Vol. 73, no. 51
Office of the Federal Register, National Archives and Records Administration
2008-03-14
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432 p.
Table of Contents:
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https://www.govinfo.gov/app/details/FR-2008-03-14
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https://www.govinfo.gov/app/details/FR-2008-03-14
https://www.govinfo.gov/content/pkg/FR-2008-03-14/pdf/FR-2008-03-14.pdf
https://www.govinfo.gov/content/pkg/FR-2008-03-14/xml/FR-2008-03-14.xml
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