HUD offers leeway with new RESPA rules

'Good faith' compliance efforts expected

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Federal housing regulators say they will "exercise restraint" for the first four months of 2010 in enforcing new regulations governing mortgage loan disclosures and settlement procedures.

The new rules, which the Department of Housing and Urban Development (HUD) has put forward under the authority of the Real Estate Settlement Procedures Act (RESPA), include a new good faith estimate (GFE) and HUD-1 settlement statement.