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The Final RESPA Rule. GFE Page 1. 2. Important Dates. 3. Summary of your loan. 4. Escrow account information. 5. GFE Page 2. 6. 7. 8. 9. GFE Page 3. 12. HUD-1 Settlement Statement. 13. HUD-1 Page 2. 14. 15. 16. 17. 18. 19. 20. 21. 22. HUD-1, page 3. 23.
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GFE Page 1 2
GFE Page 2 6
GFE Page 3 12
HUD-1 Settlement Statement 13
HUD-1 Page 2 14
HUD-1, page 3 23
Comparison Chart 24
Loan Terms 28
Right-to-cure Inadvertent or technical errors not a violation of RESPA Section 4 IF revised HUD-1 is provided within 30 calendar days after settlement 32
Average Charge 33
Average Charge • calculations based on specific • class of transactions • during a specific time period • - not less than 30 days • - not more than 6 months • for a specific geographical area 34
Average Charge • charge may not exceed • average calculation • charge may not exceed TOTAL • price paid to 3rd party provider • originator must retain all • documentation determining • accuracy of pricing method for • at least 3 years 35
Average Charge • may not average on charges based • on loan amount or property value • (e.g. transfer taxes, interest charges, • escrow reserves & all insurances • including title insurance) 36
Miscellaneous • revised the required use definition • revised the Servicing Disclosure • Statement • eliminated 1% cap on FHA origination • fees (2.5% - new construction) • updated reserve/escrow account • language • allowed for ESIGN applicability 37
Department of Housing and Urban Development Office of RESPA & Interstate Land Sales 451 7th Street SW, Room 9154 Washington DC 20410 (202) 708-0502 hsg-respa@hud.gov www.hud.gov/respa 38