All new loan applications signed on or after January 1, 2010, must follow the guidelines and rules set forth in the U.S. Department of Housing and Urban Development’s revisions to RESPA, known as Regulation X. Included in the rules are the use of a new Good Faith Estimate form and a new settlement statement (HUD-1). These are designed to make it easier for borrowers to understand the loan and its related fees, and to compare one loan with another, since the new forms will be the same ones used for all loans.

Additionally, lenders will be required to provide borrowers with a list of settlement service providers, such as pest control officers and title companies, from which to choose for their loan settlement process. And there are new restrictions on how and when the fees detailed in the Good Faith Estimate can change prior to actual closing.