Thursday, July 14, 2011

1500 pending RESPA violations cases moving to CFPB

In November 2008, HUD issued new RESPA regulation, establishing a standard Good Faith Estimate form and process and an expanded HUD-1 Settlement Statement. To be in compliance with RESPA, and help assure fair prices for consumers, actual costs at closing must fall within established tolerance ranges. These new disclosures were implemented in January 2010.

Since then, HUD opened more than 1,500 cases against mortgage companies suspected of violating RESPA, said Teresa Payne, the associate deputy assistant secretary for regulatory affairs at HUD.

Read more on HW.

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