New RESPA Reglatory Changes go into effect January 1, 2010!

Happy New Year Peachtree City!  As we welcomed in the official beginning of the new millennium and a new decade the government also introduced some sweeping new regulatory reform changes that will pose a significant impact on the mortgage industry and everyone in the real estate profession. 

The Real Estate Settlement Procedures Act (RESPA)went into effect on January 1st.  I would be remiss if I did not also state that HUD will overseeing enforcement of these new rules and is stated to say that they will “exercise restraint in enforcement” giving lenders an opportunity to make a good faith effort to comply with the new regulations.