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Good Faith Estimate 2010. Does it affect Real Estate Agents?

By
Real Estate Agent 5660894-PB00

Last Friday I attended a training class on the new Good Faith Estimate 2010.

Question

It was taught by an attorney with the Praedo Insititute.  He was well read on the subject and very much on top of his game.

There were many questions poised to the instructor.  Mainly about how these changes will effect the way loan officers do business starting January 1, 2010.  

He was patient and answered the questions.  I recall one statement that related to Real Estated Agents.

It was in regards to asking for seller paid closing costs.  Because the new GFE considers the Owner's title policy now a buyers cost.  There could be some question on how the funds are to be allocated.  

Huh?  A buyers cost?   

The state approved REPC seems pretty clear to me who's paying for the policy.

Title insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maybe it's not as clear in other states or there is room for a different interpretation?

One thing does seem clear.  

January and February are going to be a learning experience while everyone involved with the transaction are getting on the same page.

So to answer the question I poised.  

Does it affect Real Estate Agents?

Yes.....

Have a Great 2010!

 

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Mark Watterson is a Utah licensed Real Estate Broker with Principle Realty Group, Inc. and a Utah license Loan Officer with Springwater Capital, LLC

Contact Mark Watterson your Local Property Resource Specialist for the most up-to-date market conditions data for Salt Lake, Davis, Utah and Weber Counties.  View comprehensive property resource information at www.markwatterson.com and www.utahmark.com

 

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Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Mark:

YES, Lots of changes happening for 2010...

We need to keep up with them.

Dec 21, 2009 01:17 AM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Mark,

It seems that all things inter-relate and affect everyone in the business.  It is so important that we know what the changes are. 

Very well written and informative post.

Dec 21, 2009 08:14 AM
Mark Watterson
Salt Lake City, UT
Utah Real Estate

Toula- There are many change coming for 2009.  Especially for the LO's.  

Judi- Having a LO's on top of their game is becoming more important.  With these changes and the new National Licensing.  The pool of LO's will probably be getting smaller in 2009.

 

Dec 21, 2009 08:22 AM
Ann Allen Hoover
RE/MAX Advantage South - Hoover, AL
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

I hope to have the opportunity to receive training on these changes.....quickly!

Dec 28, 2009 01:13 AM
Mark Watterson
Salt Lake City, UT
Utah Real Estate

Ann- Training is good.  

I'm going to take the class once more. To make sure I'm on top of the changes.

Dec 28, 2009 09:07 AM