Recently, the Department of Housing and Urban Development (HUD) issued a final rule to amend its regulations on the Real Estate Settlement Procedures Act (RESPA). The amendments are the most significant changes made to RESPA regulations since 1978. Most notably, the final rule, for the first time, requires mortgage lenders and brokers to provide a good faith estimate (GFE) of settlement costs using a standard form that has been developed by HUD.
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