Highlights:
-
As of January 1, 2010, compliance with the following provisions of Regulation X
(RESPA) is mandatory:
- The new version of the Good Faith Estimate (GFE), which is subject to
tolerances for accuracy.
- The expanded Uniform Settlement Statement (HUD-1), which promotes comparison
of loan terms and settlement charges between the HUD-1 and GFE.
- Reimbursement to borrowers within 30 days of settlement of any overcharges
outside permitted tolerances.
-
The amended rule also provides that inadvertent or technical errors on the
HUD-1/1A will not be deemed a violation of RESPA if a revised HUD-1/1A is
provided to the borrower within 30 days of settlement.
-
The revised regulation is available at http://edocket.access.gpo.gov/2008/pdf/E8-27070.pdf.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested
Routing:
Chief Executive Officers
Chief Lending Officers
Compliance Officers
Related
Topics:
Real Estate Settlement Procedures Act
Truth in Lending
Attachment:
Supplemental Information - PDF (PDF Help)
Contact:
Glenn Gimble, Senior Policy Analyst, Compliance Policy Section, at GGimble@FDIC.gov or (202) 898-6865; or
Lorraine Rushing, Review Examiner, Compliance Examination Section, at LRushing@FDIC.gov or (202) 898-3716
Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site
at www.fdic.gov/news/news/financial/2009/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC financial institution letters may be obtained through the
FDIC's Public Information Center, 3501 Fairfax Drive, E-1002, Arlington, VA 22226
(1-877-275-3342 or 703-562-2200).
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