HUD released the long awaited new RESPA FAQs this morning. The document contains many common questions and answers about complying with RESPA.
RESPA, the Real Estate Settlement Procedures Act first passed in 1974, is the source of many of the basic federal reverse mortgage required disclosures, including the HUD-1 statement and the Good Faith Estimate (GFE). Most of the questions in the RESPA FAQs released this morning address the HUD-1 and GFE. There is also a specific section on reverse mortgages.