United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2008_register executive 2010-09-23 article Part IV Rules and Regulations D09002ee1c807b404 D09002ee1c807b4cf United States Department of Housing and Urban Development originator org United States Government Agency or Subagency This final rule amends HUD's regulations to further RESPA's purposes by requiring more timely and effective disclosures related to mortgage settlement costs for federally related mortgage loans to consumers. The changes made by this final rule are designed 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 1 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 identify a particular loan product and comparison shop among loan originators; provide more accurate estimates of costs of settlement services shown on the GFE; improve disclosure of yield spread premiums (YSPs) to help borrowers understand how YSPs can affect borrowers' settlement charges; facilitate comparison of the GFE and the HUD-1/HUD- 1A Settlement Statements; ensure that at settlement borrowers are aware of final costs as they relate to their particular mortgage loan and settlement transaction; clarify HUD-1 instructions; expressly state that RESPA permits the listing of an average charge on the HUD-1; and strengthen the prohibition against requiring the use of affiliated businesses. This final rule follows a March 14, 2008, proposed rule and makes changes in response to public comment and further consideration of certain issues by HUD. In addition, this rule provides for an appropriate transition period. Compliance with the new requirements pertaining to the GFE and settlement statements is not required until January 1, 2010. However, certain provisions are to be implemented upon the effective date of the final rule. 73 FR 68204 https://www.govinfo.gov/app/details/FR-2008-11-17/E8-27070 E8-27070 fr17no08-24 RIN 2502-AI61 4210-67-P Docket No. FR-5180-F-03 https://www.govinfo.gov/app/details/FR-2008-11-17/E8-27070 https://www.govinfo.gov/content/pkg/FR-2008-11-17/html/E8-27070.htm https://www.govinfo.gov/content/pkg/FR-2008-11-17/pdf/E8-27070.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 85 p. 68204 68288 73 FR 68204 Title 24 Part 203 24 CFR Part 203 Title 24 Part 3500 24 CFR Part 3500 RIN 2502-AI61 Real Estate Settlement Procedures Act (RESPA): Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs; Federal Register Vol. 73, Issue RULE E8-27070 IV DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 2009-01-16 Docket No. FR-5180-F-03 4210-67-P E8-27070 Final rule.

This final rule amends HUD's regulations to further RESPA's purposes by requiring more timely and effective disclosures related to mortgage settlement costs for federally related mortgage loans to consumers. The changes made by this final rule are designed 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 1 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 identify a particular loan product and comparison shop among loan originators; provide more accurate estimates of costs of settlement services shown on the GFE; improve disclosure of yield spread premiums (YSPs) to help borrowers understand how YSPs can affect borrowers' settlement charges; facilitate comparison of the GFE and the HUD-1/HUD- 1A Settlement Statements; ensure that at settlement borrowers are aware of final costs as they relate to their particular mortgage loan and settlement transaction; clarify HUD-1 instructions; expressly state that RESPA permits the listing of an average charge on the HUD-1; and strengthen the prohibition against requiring the use of affiliated businesses. This final rule follows a March 14, 2008, proposed rule and makes changes in response to public comment and further consideration of certain issues by HUD. In addition, this rule provides for an appropriate transition period. Compliance with the new requirements pertaining to the GFE and settlement statements is not required until January 1, 2010. However, certain provisions are to be implemented upon the effective date of the final rule.

Effective Date: This rule is effective on January 16, 2009. Ivy Jackson, Director, or Barton Shapiro, Deputy Director, Office of RESPA and Interstate Land Sales, Office of Housing, Department of Housing and Urban Development, 451 7th Street, SW., Room 9158, Washington, DC 20410-8000; telephone number 202-708-0502. For legal questions, contact Paul S. Ceja, Assistant General Counsel; Joan Kayagil, Deputy Assistant General Counsel; or Rhonda L. Daniels, Attorney-Advisor, for GSE/RESPA, Department of Housing and Urban Development, 451 7th Street, SW., Room 9262, Washington, DC 20410-0500; telephone number 202-708-3137. These telephone numbers are not toll-free. Persons with hearing or speech impairments may access these numbers through TTY by calling the toll- free Federal Information Relay Service at 800-877-8339. 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 Real Estate Settlement Procedures Act (RESPA): 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 Vol. 73, no. 222 Office of the Federal Register, National Archives and Records Administration 2008-11-17 continuing daily deposited born digital 591 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2008-11-17 P0b002ee1809c21c9 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr17no08 https://www.govinfo.gov/app/details/FR-2008-11-17 https://www.govinfo.gov/content/pkg/FR-2008-11-17/pdf/FR-2008-11-17.pdf https://www.govinfo.gov/content/pkg/FR-2008-11-17/xml/FR-2008-11-17.xml fdlp 67711 68288 DGPO 2010-09-23 2024-06-05 FR-2008-11-17 machine generated eng FR FR-2008-11-17 73 222