2010 RESPA RULES & HUD Complexity

By now, you’ve learned the nuances of the new HUD Settlement Statement, which took effect in January of 2010. While RESPA was able to hold lenders more accountable to their estimates, it also caused a plethora of unintended issues.

For example, residential real estate buyers and sellers might end up with the same set of numbers on closing day. But in reality of course, they have two completely different sets of obligations. That’s why it’s important to segregate these numbers: so that each party can tell at a glance what they owe, and (exactly) how it’s itemized. But with the 2010 changes, it’s become even more challenging to understand which charge belongs to which party.

Of course, we didn’t alter the official HUD forms. What we did was to develop a “buyer/seller summary transactions” sheet as part of our Advanced Printing Module. Customers like you can now present a simplified view of the HUD settlement statement to your clients. The confusion? Leave that to the other lawyers’ clients.

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