Wells Fargo Home Mortgage Releases Guides on RESPA, Begins Implementation of New Forms
December 30, 2009
Source: Wells Fargo Home Mortgage
In mid-December, weeks before the mandatory implementation date of January 1, 2009, required by the Department of Housing and Urban Development (HUD), Wells Fargo Home Mortgage announced it will begin using the new Good Faith Estimate (GFE) and HUD-1 forms required under the new RESPA rule. The early use of the new forms, designed to improve consumer understanding of mortgage and settlement costs, will lead the way to greater transparency of the mortgage transaction and result in loans that best fit consumer circumstances.