HUD Clarifies RESPA Rule
The Department of Housing and Urban Development (HUD) issued technical and clarifying amendments to its Real Estate Settlement Procedures Act (RESPA) rule in July. The majority of the amended RESPA regulations were effective Jan. 1, 2010. But HUD identified certain areas where additional clarification would be helpful. These amendments were effective on Aug. 10, 2011:
And the new Consumer Financial Protection Bureau (CFPB) is currently working on the combination RESPA/Truth in Lending form.This isn’t the end of RESPA changes.
For more information on the requirements, visit CUNA's e-Guide to Federal Laws and Regulations.
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