New and (?) improved RESPA rules are scheduled to go into effect the b beginning of next year. The new rules apply to Realtors, lenders, title companies and almost everybody involved in a real estate transaction. You can follow the link below to find out what it means to you.
NAR held a webinar on Wednesday February 4, 2009 with RESPA Attorney Phil Schulman covering the major provisions of the new RESPA rule set to go into effect January 1, 2010. Schulman discussed the new Good Faith Estimate, the new HUD-1, and a number of other provisions important to real estate agents, brokers, and others in the broader real estate industry. Schulman also gave his perspective on the likely prospects of lawsuits by the NAHB and NAMB dealing with “required use” and yield spread premium respectively. The webinar is now posted on the web at the link below.