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respa: New RESPA rules take effect January 1st - 12/23/09 03:40 PM
New RESPA rules take effect January 1st RESPA (Real Estate Settlement Procedures Act) is a consumer protection statute that is designed to aid homebuyers during the home buying process and help them become better shoppers while protecting them at the same time. It outlaws things like “kickbacks” that would increase the overall cost in buying a home.
The revamped act will take effect Jan 1st, 2010 and is supposed to make it easier for home buyers to understand what is going on at closing. In my opinion more regulation and paperwork is not going to fix the already overcomplicated process. What … (4 comments)
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respa: New RESPA rule provides revision to the GFE (Good Faith Estimate) - 02/21/09 11:34 PM
When the Real Estate Settlement and Procedures Act went into effect in 1974 cosumers got a simplified process as well as a protection from abusive lending practices. The purpose that RESPA has according to HUD's web site is
1. to help consumers become better shoppers for settlement services by requiring that borrowers receive disclosures at various times. Some disclosures spell out the costs associated with the settlement, outline lender servicing and escrow account practices and describe business relationships between settlement service providers. 2. to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services by prohibiting certain … (1 comments)
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Chris Whitehead
Bath,
OH
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HomeBuyer Experts
Address: 3075 Smith Rd., Suite 101, Fairlawn, Ohio, 44333
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