RESPA, otherwise known as: Real Estate Settlement Procedures Act (phew, what a mouth full!) took effect January 1, 2010.
These new federal guidelines were put in place to help the consumer understand their loan documents and settlement costs.
The new rules require mortgage originators to take all the origination costs involved in a loan and bundle it into one fee then shown on the Good Faith Estimate and HUD-1.
Any subsequent changes require a re-submission to the mortgage originator--adding an additional 3 days to a closing--and then disclosed on a re-issued Good Faith Estimate.
FAQ's and Answers can be found at www.hud.gov.