respa: Big changes that will impact your settlements
- 06/02/15 05:44 AM
Big changes are on the way that will impact real estate agents, lenders, buyers and sellers alike. Come August 1, the HUD-1 is out and the Closing Disclosure form (CDF) is in.
A new form inevitably means new procedures and deadlines to observe, which is why we've put together this list of things we think are most important to know about the new regulations.
1. The lender – not the settlement agent – will in most cases be preparing and delivering the CDF, which will be used for most loan applications taken for new mortgages after August 1, 2015.
2. The CDF must … (1 comments)
respa: Say good-bye to the HUD-1 Settlement Statement
- 06/29/12 01:01 AM
The Consumer Financial Protection Bureau (CFPB), by mandate under Dodd-Frank, will soon change our world once again. Just barely two years since the title and mortgage industry was turned upside-down with regulatory changes to the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedure Act (RESPA), the CFPB will be releasing its proposed forms and regulations next month to replace the HUD-1 Settlement Statement, Good Faith Estimate, and Truth-in-Lending Disclosure. These new forms will be known as the Loan Estimate and Settlement Disclosure Form. On its snazzy website, CFPB states that the current 3-page HUD-1 settlement statement is replete with "... Technical and legal jargon ... that may … (108 comments)
respa: Study: D.C. Metro homebuyers save big by shopping for title services
- 02/17/11 06:12 AM
Washington, D.C. (17 February 2011) – SHOPPING FOR TITLE SERVICES in the District of Columbia could save homebuyers up to $1,180, according to a recent study, while shopping in Maryland or Virginia could mean a savings of over $900. "This serves as a reminder to homebuyers and their agents the importance of shopping for a title company," said Todd Ewing, president of Federal Title & Escrow Company. The study, commissioned by Federal Title and conducted by Veris Consulting from February 1 through February 11 of this year, compared title charges among Washington Metro Area-based title companies, revealing stark differences in charges … (2 comments)
respa: What homebuyers don't know: The cost of ignorance
- 06/04/10 08:10 AM
Given that homebuyers are confronted with monumental tasks in the home-buying process, it should be expected that many of the finer details are entrusted to their real estate agent or mortgage lender. After a lengthy home search, contract offers and negotiation, gathering financial information for loan application, and making moving arrangements, the average homebuyer has had their fill. Unfortunately, the choice of a settlement or title company is not high on a homebuyer’s priority list, and the homebuyer often defers to their real estate agent or mortgage lender to make this choice for them. Deferring this choice to others, may be … (0 comments)
respa: Transparent Title Companies - Where are they?
- 01/30/09 04:54 AM
WHAT IF YOUR PREFERRED TITLE COMPANY: Delivered an instant, online, guaranteed closing cost quote to you and your clients - specific to the transaction; Was independent and gave back part of its revenue to your home buyer; instead of giving money back to your broker through an Affiliated Business Arrangment; Allowed you to submit the transaction order entirely online. Very few title companies offer a Web 2.0 experience when it comes to delivering service. In fact, most still cling to fax machines and land lines; taking orders over the phone; quoting fees/costs over the phone. Further, many title companies have no … (0 comments)
Big changes are on the way that will impact real estate agents, lenders, buyers and sellers alike. Come August 1, the HUD-1 is out and the Closing Disclosure form (CDF) is in. 
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