REGULATORY ISSUESWed, Mar 19On March 14th, HUD published the long-awaited proposed regulations on the Real Estate Settlement Procedures Act (RESPA). The rules include a mandatory four-page Good Faith Estimate (GFE) and a modified HUD-1/1A; a required "closing script" to be read orally at settlement; enhanced disclosures; as well as new rules concerning volume discounts, average cost pricing, and "required use." The rules have a 60-day public comment period that expires on May 13th. NAR will be filing comments. To read the proposed rules in their entirety, please click here. |
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