The new HUD/RESPA document is supposed to be integrated on August 1st, 2015. In my opinion this is going to create a great deal of confusion and may actually end up costing buyers MORE money. How? The 3 day waiting period for ANY changes being made. How will that effect mortgage rate locks?
It's going to be interesting to see how this plays out.
The video is from The National Real Estate Post. Interesting perspective. How do you think this will effect closings?
Wayne and Jean Marie Zuhl These changes will be extended delays, more red tape and higher costs to buyers & sellers, alike. Another fabulous day in these Great United States.
Wayne Zuhl
Cranford, NJ
Hannah Williams
Philadelphia, PA
Hi Folks, good question and I am not sure yet what the impact will be. I would guess there will be numerous issues arise in August.
Wayne Zuhl
Cranford, NJ
Hannah Williams
Philadelphia, PA
Hi Wayne and Jean, at least these guys try to have a sense of humor, in spite of the coming apocalypse. Going to have to ramp-up the client education over the new contingencies that have to be put in place.
Wayne Zuhl
Cranford, NJ
Hannah Williams
Philadelphia, PA
Wayne and Jean Marie Zuhl I think I am pretty much prepared we have had many seminars on these changes
Wayne Zuhl
Cranford, NJ
Good morning Wayne and Jean Marie Zuhl. There will be a bit of an adjustment period, but we'll all work our way through all the challenges.
Wayne Zuhl
Cranford, NJ
Hannah Williams
Philadelphia, PA
Wayne & Jean, took my mandatory class yesterday where they talked about it in depth and was a lender in the room to add to this conversation. Should be interesting....
Wayne Zuhl
Cranford, NJ
Hannah Williams
Philadelphia, PA
No,no,no.
They are trying to so protect the consumer that they've thrown the consumer into a shredder in the process.
In the summer of 2014, one buyer had his lender re-issue HUD and RESPA statements twice, and each time, we had to delay the settlement by a few more days.
Buyer was beside himself in anger, and the seller was none too thrilled. Was there are true benefit to the buyer? Nope.
Wayne Zuhl
Cranford, NJ
I'm really surprised that only one person commented on the video. I think that these guys are great.
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