November 12, 2008
After much anticipation, HUD announced final changes to the new RESPA rules today. TLTA has been actively involved in working to make needed changes to the proposed rules and it appears that at least some of our concerns have been addressed. Most notably, HUD has removed the “closing script” from the rule. This requirement would have exposed the title industry to increased liability and threatened the success of many closings.
We have not been able to fully study these changes since they have not yet been published, but we will provide a more detailed analysis at that time. It is important to note that the new rules will not be in effect until January 1, 2010. This implementation period affords us an even greater opportunity to improve upon these rules by working with Congress and the new Administration. TLTA will continue to work closely with ALTA and other stakeholders in the Real Estate Industry to further address any remaining industry concerns.
Please click on the following links to view HUD's standard Good Faith Estimate and the new HUD-1 Settlement Statement, as well as, HUD's Press Release on the new rules. Please note, we expect the final rule in its entirety to be published later this week and will post that on our website once it is available.