RESPA Reform & Economic Updates. Overview of changes and impacts to Corporate Relocation. Whatâ€™s New. Regulation Z, Truth In Lending (TIL)
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Overview of changes and impacts to Corporate Relocation
Regulation Z, Truth In Lending (TIL)
These three changes - took effect July 1, 2009:
RESPA Reform, the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement (HUD-1)
Benefits to the customer
Home Buyer Tax Credit
For single family loans the maximum allowable loan amount is determined as the greater of $417,000 or 125% of area median home prices, not to exceed $729,750.
Federal Housing Administration (FHA), Statutory Loan Limits for 2010
For single family loans the maximum allowable loan amount is determined as the greater of $271,050 or 125% of area median home prices, not to exceed $729,750.
RESPA Reform was enacted by the U.S. Department of Housing and Urban Development (HUD) to protect borrowers by standardizing the industry and:
A fee increase can only be charged to the borrower if it occurred due to what HUD refers to as a “valid changed circumstance”.
For example, if the borrower chooses to make a significant change to his/her loan, such as a product change, a “valid changed circumstance” has occurred and the associated fee increases can be charged to the borrower, provided a new GFE reflecting the new fees is issued.