An Update on the RESPA Reform

As the end of the year draws closer, it becomes more and more important to familiarize yourself with the Real Estate Settlement Procedures Act (RESPA) reforms. Drafted primarily to help consumers become better shoppers for settlement services, these reforms go into effect January 1, 2010, and lenders and title agencies must use the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement laid out in the new regulations. However, lenders can begin using the new Good Faith Estimate (GFE) at any time. In order to ensure your transactions go smoothly, title companies must be ready to use the new HUD-1 Settlement Statement starting now. Stewart Title is ready.

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Our title and escrow production system already incorporates the new HUD-1

We maintain our own title and escrow production system. That system, AIM®, is used in every one of our offices. And, since we have already loaded the new HUD-1 into the AIM system, it means every Stewart office can handle your transactions with the same high level of service whether they require the old or new HUD-1 form.

As a matter of fact, we are already working with lenders using the new GFE and HUD-1.

We’re getting ready and we’re helping you to be ready, too

At Stewart Title, we are constantly seeking ways to help our customers adapt to the continually shifting challenges you face. Therefore, we’ve created educational materials to help you understand the new changes taking place as a result of the RESPA reform that can be obtained through our website and your local office.

Contact your local Stewart Title representative for more information on the RESPA reform, new HUD-1 and how Stewart Title is ready to handle your transactions under the new rules.