Based on the changes to the RESPA that came into effect last year, there are a few more changes that will be taking place January 1, 2010. One of the biggest changes is the Good Faith Estimate and the HUD-1 that goes along with it.
Lenders are required to fully disclose all of the costs of the loan to the buyer within a prescribed format and timeframe. Rumor has it that there is a lot of confusion when it comes to interpreting the changes within the lending industry. Therefore, it might hold things up a little at the begiinning of the year until everyone works through the process a few times.
I have included a power point that talks about the details of the GFE changes and a copy of the new GFE.
If you want to learn more about these changes, you can go to this link http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125