Bulletin: SLS2010001

Date:
January 20, 2010
To:
All Issuing Offices
RE:
RESPA Rule and New HUD-1 Form - HUD-1 State Underwriter List

Dear Associates:

Under the RESPA regulations published by HUD in November 2008 ("Final RESPA Rule"), loan originators as of January 1, 2010 are required to issue the new GFE form in connection with loan applications for RESPA covered loans. At the closing of such loans, settlement agents must use the new HUD-1 form. The Final RESPA Rule, including Appendix A (Instructions for completing the HUD-1) and the new GFE and HUD-1 forms, and HUD's FAQs pertaining to the Final RESPA Rule may be found at the following website for the U.S. Department of Housing and Urban Development:

www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm

Educational and training materials are available to assist you in complying with the Final RESPA Rule and completing the new HUD-1 through various sources including ALTA, October Research, software providers and state land title associations.

In addition to these resources, should you have questions about the new HUD-1 form, you may contact the Underwriting Counsel designated for your state on our State Counsel list attached. The designated Underwriting Counsel will provide our views and interpretations of the new RESPA Rule and the use of the HUD-1 form.

While Stewart Title Guaranty Company has reviewed the Final RESPA Rule, we remind you that settlement services are outside the scope of our agency contract. Information, interpretations and views of Stewart Title Guaranty Company as to the new HUD-1 and Final RESPA Rule are offered as a courtesy only and expressly do not constitute legal advice. You may or may not agree with or follow such views and interpretations. You are advised to consult your own legal counsel in making all decisions regarding laws and regulations pertaining to escrow and closing matters.


HUD RESPA Legal Working Group and State CounselList(Click to View)


If you have questions relating to this bulletin, please contact Stewart Legal Services or your local underwriting personnel.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
SLS2009002 RESPA Reform 2009 - NEW HUD-1, NEW HUD-1A, Average Cost Pricing, and Required Use
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None