One New RESPA Rule - Simplification - 341 Pages

HUD has released Real Estate Settlement Procedures Act (RESPA): Rule to Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs. For more information and related links to forms, etc. go to the HUD RESPA page.

I tried to hit some highlights for this post, but it was a lot of material that even more coffee couldn't help. Below is the entire 341 page PDF, and you can use the >> at the top right to enlarge and print it. There was a lot of text and many charts justifying the added costs of the new rules. I'm just not sure that I can get excited about the accuracy of a government decision that a certain new form will only add 10 minutes to processing time.

NAR, with a much larger staff than mine, and obviously with more coffee, has distilled it all down into a one page analysis chart.