RESPA Settlement Cost Booklet
By David Dickinson
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HUD has updated the Good Faith Estimate and the HUD-1/1A Settlement Statements. They say we will have to give a new Settlement Cost Booklet that corresponds to these new disclosures. But it isn't out yet. Yep - the regulation goes into effect on 1/1/10, but they don't have the Booklet out yet. Another "DUH" from HUD.
HUD indicates they are "currently revising the Settlement Cost Booklet. The Booklet will be available on HUD's website and will be published in the Federal Register when it is completed."
We are hearing many vendors are trying to sell the Booklets to banks. THEY AREN'T OUT YET! Plus, HUD will make these available for FREE. Don't pay for something that is free and that doesn't yet exist.
We'll keep you informed.