Posted by Michelle/AL on 3/18/09 7:17am
Msg #281090

New GFE (Good Faith Estimate) and HUD-1 Forms

I've read in two different places online that a change in RESPA in Jan '09 resulted in changes to GFE and HUD forms. I got the impression that the actuial forms in closing packages will have different language - perhaps making it more user-friendly or easier for the borrowers to understand. Below is the link to one of the sites.

http://www.docmagic.com/compliance/wizard/2009/february-2009/respa-reform-2

What have you heard about this and does it really mean changes to the text in these two forms?

BTW, I did search (orange button) earlier postings for RESPA, GFE & HUD to see if this had been talked about over the last few months and I didn't see anything.

Reply by ReneeK_MI on 3/18/09 8:58am
Msg #281100

You didn't go back far enough - talk on this started last March. The implementation of the new forms is next year - although I believe there are lenders using them already, though I personally haven't seen them in use.

Reply by PAW on 3/18/09 10:19am
Msg #281116

The "Final Rule" was published Nov. 17, 2008. You can read the entire document at:
http://www.hud.gov/offices/hsg/sfh/res/finalrule.pdf