In the past year, the mortgage industry has implemented changes that will help provide customers with the essential information and enough time to understand their home purchases and refinance options. Some of those changes have included the Home Valuation Code of Conduct (HVCC) changes in May 2009 and the Housing and Economic Recovery Act (HERA) requirements that came into effect July 30, 2009. The newest addition to those changes is the RESPA (Real Estate Settlement Procedures Act) Reform, which became mandatory for all lenders and mortgage brokers on January 1, 2010.
Here's what you need to know about the RESPA Reform as a consumer and an industry colleague.
What is RESPA Reform?
RESPA Reform was enacted by the U.S. Department of Housing and Urban…