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respa: Mr. Howard Lax has some good RESPA advice - 08/27/08 01:37 PM
in this article offered for free by RESPAnews.com.
 
I post it here because we need to pass the word.
 
UPDATE:  When I posted this link, the article WAS free, however, it looks like it's only accessible now with a paid subscription.
… (0 comments)

respa: RESPA reform separates the good guys from the bad guys. - 04/07/08 09:13 AM
While RESPRO knocks itself out trying to delay and hoping to kill reform, we have an opportunity, a golden opportunity to separate the good guys from the bad guys in a meaningful and very public demonstration.Trust me. There's nothing in this reform proposal that good guys can't live with.Trust me. There's one helluva lot of stuff in this reform proposal that will kill the business of bad guys.There's a line in the sand and it's called RESPA reform. Choose your side. Support or whine. In this way your true colors will be shown to all.We're watching. … (0 comments)

respa: MORTGAGE BROKER GFE - 03/29/08 11:33 AM
OK, now let's remember this is a closed transaction. I'm using it to get a real life scenario into a GFE but I haven't completed a sales comparison or lock info.I've added notes where there is ZERO tolerance for differences if there are no unforeseen changes. I have also made note that the lender and the mortgage broker have been relieved of the 10% tolerance burden in the quoting of third party fees because neither the lender or the mortgage broker gave the consumer our name. It was the real estate agent who suggested using our office. No affiliation exists between … (2 comments)

respa: reviewing two definitions while I work..... - 03/29/08 10:15 AM
THESE ARE TWO DEFINITIONS TAKEN FROM THE PROPOSED RESPA RULES:Mortgage broker means a person (notan employee of a lender) or entity thatrenders origination services in a tablefunded or intermediary transaction. Aloan correspondent approved under 24CFR 202.8 for Federal HousingAdministration programs is a mortgagebroker for purposes of this part.Origination service means any serviceinvolved in the creation of a mortgageloan, including but not limited to thetaking of loan applications, loanprocessing, and the underwriting andfunding of loans, and the processing andadministrative services required toperform these functions.Follow me now in my train of thought. I am very interested in your comments as to whether I … (0 comments)

respa: Shortly, I will post three RESPA proposed GFE samples - 03/29/08 09:11 AM
using three closings we are performing today. Interestingly, one transaction is a mortgage broker, one transaction is a local bank who is selling servicing released, and one is a top five lender. I’m going to use the data from the HUD to complete the GFEs so we can see how the deals would have looked to consumers. I am not equalizing the deals. They are three unique transactions and I will use real data with no personal info. STAY TUNED.
… (4 comments)

 

Diane Cipa

Ligonier, PA

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The Closing Specialists®

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