RESPA (Real Estate Settlement Procedures Act) has new rules going into effect on January 1, 2010. RESPA is a HUD comsumer protection statute about closing costs and procedures. It requires consumers recieve disclosures at various times about fees involved in a closing and also prohibits those cost infating "kickbacks."
The new rules will standardize Good Faith Estimates of Closing Costs, promote transparency, and allow buyers to make better decisions when shopping for a lender. Often, fees may change within a short time period and the differences in the original and final "fee quotes" from a lender will be readily apparent. These new rules will apply to all residential contracts.
More details can be found at www.HUD.org.