New RESPA documents coming in August 2015. Trouble?

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Real Estate Agent with Samsel & Associates 0790808

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?

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~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.

 

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Rainmaker
1,549,135
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

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.

Mar 12, 2015 02:02 AM #1
Rainmaker
2,050,826
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

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. 

Mar 12, 2015 06:54 AM #2
Rainmaker
689,006
Michael Dagner
Brokers Guild Classic - Denver, CO
Your Denver Homes Realty Expert

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.  

Mar 12, 2015 10:34 AM #3
Ambassador
1,924,955
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Wayne and Jean Marie Zuhl  I think I am pretty much prepared we have had many seminars on these changes   

Mar 12, 2015 01:50 PM #4
Rainmaker
2,267,727
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

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.

Mar 12, 2015 08:24 PM #5
Rainmaker
4,106,539
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

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....

Mar 12, 2015 10:47 PM #6
Rainmaker
604,182
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

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.

Mar 14, 2015 11:00 AM #7
Rainmaker
1,312,524
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

I'm really surprised that only one person commented on the video.  I think that these guys are great.

Mar 16, 2015 06:14 AM #8
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Rainmaker
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Wayne and Jean Marie Zuhl

The Last Names You'll Ever Need in Real Estate
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