Compliance Coach Inc., a provider of regulatory compliance solutions, has released a guide to enable timely compliance with new Real Estate Settlement Procedures Act (RESPA) rules that become effective Jan. 1, 2010.
The Department of Housing and Urban Development (HUD) regulations mandate that each mortgage broker or lender provide the new good-faith estimate (GFE) form and each closing or settlement agent deliver the new HUD-1/1A form to the consumer on each mortgage loan starting in the new year.
HUD revamped the GFE and modified the HUD-1/1A forms to simplify and streamline disclosures so that consumers receive clear and conspicuous information on loan costs.
Compliance Coach's "Guide to Getting It Right: RESPA GFE & HUD-1/1 A" instructs mortgage professionals on how to properly complete the new GFE and HUD-1/1A disclosures, providing a visual walkthrough of each line item in each disclosure form.
The guide is based on the final regulation, form instructions and HUD's recent FAQs.
The guide can be downloaded at www.compliancecoach.com/respa.
SOURCE: Compliance Coach