RESPA Lawyer Blog

The U.S. Housing and Urban Development (HUD) made a number of surprising management changes last month including the shuffling of Ivy Jackson, the Director of the Office of RESPA and Interstate Land Sales to the Office of Insured Health Care Facilities. Ivy Jackson's departure took the real estate industry by surprise and created uncertainty for state regulators who were relying on her to educate them the new RESPA regulations this year.

The Sterbcow Law Group would like to thank Ivy Jackson for her contributions over the years at RESPA. She will always be remembered as a federal regulator who was fair to the real estate industry and to consumer interests while at RESPA. Ms. Jackson's work ethic, honesty, and experience will be missed.

HUD promoted Teresa Baker Payne to the position of Assistant Deputy Assistant Secretary and Barton Shapiro was named Acting Director of RESPA and Interstate Land Sales. Ms. Payne and Mr. Shapiro both bring experience to their new positions. Ms.Payne and Mr. Shapiro both are excellent choices for their respective roles at HUD.

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The Department of Housing and Urban Development (HUD) released the new Settlement Cost Booklet. The 49 page informational booklet must be delivered to consumers within three days of the application along with the Good Faith Estimate (GFE) for a mortgage loan by their lender or mortgage broker. Even though the HUD informational guide was released on Dec. 16, 2009 it must be used beginning on Jan. 1, 2010. Failure to provide the new HUD booklet to consumers within three days of the loan application is a violation of the Real Estate Settlement Procedures Act (RESPA) Section 5.

An electronic copy of HUD's Settlement Cost Booklet can be sent to the borrower electronically in lieu of the printed booklet.