More RESPA FAQs To The Rescue
By David Dickinson
HUD updated their RESPA FAQs again on April 2nd. They updated (aka changed their answer) to 6 of the previously issued answers. They also added 4 new FAQs: 1 addressing preapprovals and verification documents and 3 discussing lender issued worksheets (to explain what the Good Faith Estimate doesn't).
When you open the FAQs, you'll find a quick summary of the revised FAQs at the top. These changed answers can be found in bold on pages 11, 23, 28, 42 & 43 of the document. You'll find the new FAQs on pages 12 & 13.
We'll review these new & revised FAQs and get you a more in-depth summary of what HUD is now stating in our May newsletter. Stay tuned and stay flexible as HUD continues to make up rules as they go.