respa real estate: Will RESPA Rules Clog The Real Estate Recovery? - 01/05/10 06:53 AM
I had an interesting conversation with with a residential mortgage lender yesterday regarding the new changes that went into effect on January 1, 2010. For regular readers of our real estate blog, I covered these changes a few months ago in an article about RESPA reform.
His point is that while the changes appear to be based on good intentions, they might also be throwing mortgage underwriting and mortgage origination into chaos for the next few months. New methodologies are having to be created to process the new federal requirements.
With this in mind, I felt a review of these … (67 comments)
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respa real estate: RESPA Rocks REALTORS® Routine - 10/16/09 07:56 AM
Congress enacted the Real Estate Settlement Procedures Act (RESPA) back in 1974 in order to address problems in the real estate settlement process. It seems that Congress felt that they could legislate fair business practices and reduce fees and costs to home buyers through enlightenment about the settlement process and the associated costs that go with buying a home.
RESPA’s mission is to provide consumers with information relevant to the mortgage transaction and the various costs that will occur. The hopes in founding RESPA was that many of the various kick-backs and referral fees, once identified and disclosed, would be … (7 comments)
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