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Unformatted text preview: 1. Uniform Settlement Statement http://www.hudclips.org/sub_nonhud/html/pdfforms/1.pdf#search='hud%201' 2 7 RESPA Requirements • RESPA information booklet given to borrower at time of loan application or w/in 3 business days • Explains the various participants in a transaction – Brokers – Lenders – Closing agent • Explains the type of closing costs associated with a home purchase 2. Special HUD Borrower’s Booklet http://www.hud.gov/offices/hsg/sfh/res/sfhrestc.cfm Copyright, 2004 8 RESPA Requirements • Lender must provide estimate at time of loan application or w/in 3 business days • Must include any standard settlement costs plus any charges unique to that particular loan (when known) 3. Good-Faith Estimate of Settlement Costs “Closing costs” and “settlement costs” are synonymous! Copyright, 2004 9 End of Lecture At the conclusion of this lecture, complete Quiz 7-5 in the course....
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- Spring '08
- Debt, Closing costs, real estate settlement, Uniform Settlement Statement, special hud borrower