New Real Estate Settlement Procedures Act (RESPA) Rules are effective January 2010.
First a little trivia: RESPA was enacted in 1974 to help members make informed choices regarding settlement costs pursuant to a loan transaction. It allows consumers to obtain information on the costs of a mortgage so they can shop for settlement services and it also protects consumers from excessive settlement costs and fees.
The new rules require additions and changes to the disclosures you provide to your members. Follow this link to a nice summary by First American Title Insurance Co. http://sw.firstam.com/az/index.php?option=com_content&task=view&id=99&Itemid=55.
If you need more information than this, go to . . .
http://www.getalifedudeorapuppycauseyouhavetoomuchtimeonyourhands.com/
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