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HUD/OH RIN: 2502-AI61 Publication ID: Spring 2009 
Title: Real Estate Settlement Procedures Act (RESPA): Simplification and Improvement of the Process of Obtaining Home Mortgages and Reducing Consumer Costs (FR-5180) 
Abstract: This final rule amends HUD’s regulations to further RESPA's purposes by requiring more timely and effective disclosures related to mortgage settlement costs for federally related mortgage loans to consumers. The changes made by this final rule are designed to protect consumers from unnecessarily high settlement costs by taking steps to: (1) Improve and standardize the Good Faith Estimate (GFE) form, to make it easier to use for shopping among settlement providers; (2) ensure that page one of the GFE provides a clear summary of the loan terms and total settlement charges, so that borrowers will be able to use the GFE to identify a particular loan product and then comparison-shop among loan originators; (3) provide more accurate estimates of costs of settlement services shown on the GFE; (4) improve disclosure of yield spread premiums, to help borrowers understand how they can affect their settlement charges; (5) facilitate comparison of the GFE and the HUD-1/HUD-1A Settlement Statements; (6) ensure that at settlement, borrowers are aware of final costs as they relate to the particular mortgage loan and settlement transaction; (7) clarify HUD-1 instructions; (8) clarify HUD’s current regulations concerning discounts; and (9) expressly state when RESPA permits certain pricing mechanisms that benefit consumers, including volume-based discounts. The final rule follows a March 14, 2008, proposed rule and makes changes in response to public comment and further consideration of certain issues by HUD. 
Agency: Department of Housing and Urban Development(HUD)  Priority: Economically Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: Yes  Unfunded Mandates: No 
CFR Citation: 24 CFR 3500   
Legal Authority: 12 USC 2601 et seq    42 USC 3535(d)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  03/14/2008  73 FR 14030   
NPRM Comment Period End  05/13/2008    
NPRM Comment Period Extended  05/12/2008  73 FR 26953   
Final Action  11/17/2008  73 FR 68204   
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: Yes 
RIN Data Printed in the FR: Yes 
Agency Contact:
Bart Shapiro
Director, Office of RESPA and Interstate Land Sales
Department of Housing and Urban Development
Office of Housing
451 7th Street SW.,
Washington, DC 20410-0001
Phone:202 708-0502