- January 22, 2010
- All New York State Office Counsel, Managers and Agents
- New RESPA/HUD-1 Rules practice Guidelines
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:
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 and NYSLTA.
In addition to these resources, should you have questions about the new HUD-1 form, you may contact the Legal Department for guidance. Stewarts counsel will provide our views and interpretations of the new RESPA Rule and the use of the HUD-1 form.
While Stewart Title Insurance Company has reviewed the Final RESPA Rule, we remind you that settlement services are outside the scope of our underwriting contract. Information, interpretations and views of Stewart Title Insurance 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.
For on-line viewing of this and other bulletins, log onto www.stewartnewyork.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.
- Bulletins Replaced:
- Related Bulletins:
- NY000397 RESPA Reform 2009 - NEW HUD-1, NEW HUD-1A, Average Cost Pricing, and Required Use
- NY000408 Impacts of Amendments to RESPA, Truth in Lending and Related
- NY000427 Compliance with New RESPA Regulations (HUD-1 and GFE)
- SLS2009002 RESPA Reform 2009 - NEW HUD-1, NEW HUD-1A, Average Cost Pricing, and Required Use
- Underwriting Manual:
- Exceptions Manual: