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IMPORTANT CHANGES IN RESPA

By
Mortgage and Lending with Guild Mortgage Company

With all of the changes in regulation, it has become commonplace for loan officers to take mandatory compliance tests verifying their knowledge based. Just this week, I completed my mandatory RESPA (Real Estate Settlement Procedures Act) test and passed with flying colors - not that I was ever worried!

 

With these new changes in place, going forward all borrowers will be able to compare Good Faith Estimates with the Settlement Statement. These forms will be the same for ALL lenders starting Jan 1st, 2010. This will make shopping for mortgage rates and closing costs much easier for the buyer, as with similar formats, it will remove the added confusion of deciphering multiple forms. However, with changes comes adjustments so be prepared for timing delays while lenders adjust to the new requirements.

 

Because Wells Fargo prides itself upon high quality customer service, it has decided to implement the changes early in an effort to avoid long delays and work out the "bugs" prior to the mandatory start date. That being said, for all borrowers and real estate agents out there, Wells Fargo Home Mortgage will start complying with these new mandatory RESPA changes on December 5, 2009.

 

For further explanation or questions, please do not hesitate to call or email me.

 

Heather Burns

Home Mortgage Consultant

Wells Fargo Home Mortgage

10900 NE 8th St Suite 1430

Bellevue, WA  98004

(425) 468-8645 Tel

(206) 714-3522 Cell

(866) 496-5671 Fax

Heather.S.Burns@wellsfargo.com

Website: www.wfhm.com/heather-burns2

John Occhi
AZ Veteran Notary Services - Marana, AZ
Mobile Notary Public/Certified Loan Signing Agent

Thank you for this post.  I have just written my own on the new RESPA rules and even went ahead and created a group, just for RESPA posts, like this one.

Would you please consider joining this new group and adding this post to the group.

Thank you in advance,

John

Jan 02, 2010 06:51 AM
Heather Burns
Guild Mortgage Company - Kirkland, WA

John,

I just joined the RESPA group! Thanks for the invitation!!!

Jan 06, 2010 07:59 AM