Real estate blog entries tagged with settlement by HomeBuyer Experts

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Home : Blogs : Chris Whitehead : Chris Whitehead's Blog : Tag "settlement"

settlement: 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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