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The recently issued FAQs put out by the US Dept of HUD give us some confirmation of where we are moving down this RESPA Ready path.
 

HUD announced today the release of their FAQs relating to the new RESPA Rule.  Most of the questions focus in the lender area and clarify placement of fees on the GFE.  Several pages are also devoted to fee placement on the new HUD-1 form.  If you haven't yet had a chance to review the list of FAQ's, they are linked here.
 
If you've followed along here at RESPAReady, we don't think you'll find any surprises in these FAQs.

While the news about the health of the overall economy is …well, varied.  And reports about the house-market could be described as schizophrenic.  The news about the financial health of individual consumers seems more consistent.  They feel as though someone sprayed Weed Be Gone on their green shoots of recovery.  Have you seen the stories getting press?
 

We received this information from ALTA about how you can impact the future of the Consumer Financial Protection Agency, and thought it important to pass it along.  Many of you have asked how you can become more involved in shaping the potential legislative changes coming our way.
 

For our new poll on RESPAready, we want to know if the latest TILA changes caused you to have a 2010 HUD/GFE scare this week, so check it out and vote today by clicking on the poll question below!
 
Did you have a 2010 HUD/GFE scare this week?

• I thought I was going to have to be ready 7/31.
• I knew that it was only the TILA changes, not the HUD-1 changes.
• I have had a new GFE come in and will have to do a new HUD-1.

 We’ve had several calls lately from people who want to get ready for the 2010 HUD-1 form (that’s great). They say they’ve heard of a major lender or two getting ready to use the forms this week (that’s maybe less great). Please be sure you know the difference between the new Truth In Lending requirements under the HERA/MDIA rule vs. the use of the new GFE & HUD-1 forms required under RESPA. 

How many times have you said, with respect to RESPA reform, “I wish….”? A partial list of things I’ve heard and said along the way include:
 

 There's a new fall fashion coming in the title & escrow world ... it's the 2010 HUD.  So what will all the "smart" 2010 HUD-1s be wearing this year?  Why automation, of course!  Automation is that wonderful versatile piece that pulls a 2010 HUD all together and compliments any smart ensemble.  When selecting your 2010 HUD, what should you look for?  It's important to keep a keen eye towards functionality.  Seamless Functionality is the New Black.

So, we have TILA and RESPA provisions that are out of sync, we have questions surrounding lines of responsibility and authority, enforcement questions, and an all-around veritable festival of regulatory dissonance.  We have a bill passed, in the House of Representatives only, that requires HUD and The Fed to synchronize TILA and RESPA and provide a 1-page disclosure to consumers (keep in mind those two agencies have been given this task before and it hasn’t yet happened) and in the meantime…in the meantime the calendar keeps marching on – and the drop-dead date for R

We want to know if the upcoming TILA revisions stand to impact your business, so check out our latest poll on RESPAready!
 
The TILA revisions that take effect July 31st will impact how I do business.

• True
• False
• I don't know, tell me more
• What TILA revisions?

To vote, click here!