As new regulations are set to take effect at the beginning of 2010, Lenders One Mortgage Cooperative, a national alliance of more than 150 independent mortgage bankers, has taken steps to ensure its members have the information and processes in place that are needed to comply with the SAFE Act and the Real Estate Settlement Procedures Act (RESPA). “As many financial institutions scramble to understand the regulations and what to do in preparation for the upcoming changes, we are providing our members with all of that information from a single source,” said Scott Stern, CEO Read more

The U. S. Department of Housing & Urban Development (HUD) has issued an update to its publication, New RESPA Rule FAQs. These revisions contain new and complex regulations, affecting many aspects of mortgage loan originations, and with most of the regulatory changes scheduled to take full effect on Jan. 1, 2010. The New RESPA Rule FAQs are comprised from industry questions and issues. This most recent update contains several new answers to industry questions plus a new section for reverse mortgages.

Updates to the RESPA FAQs include: Read more