BY NOW, ALL OF US in the REAL ESTATE INDUSTRY should be heavily embroiled in the proposed 
changes in ‘SETTLEMENT’ (CONSUMMATION) practices...which are intended to go into effect AUGUST 1, 2015...
Rather than attempt to discuss a matter as serious as the many changes to be brought about as the result of the new TILA-RESPA (Truth In Lending Act-Real Estate Settlement Procedures Act)and the CFPB (Consumer Financial Protection Bureau) in a BLOG POST, I offer only a few considerations for you to ponder...
First of all...It is not the upper echelon ‘PROS’ in the real estate industry that make the REAL ESTATE WORLD go around...NO...it is the front line REAL ESTATE AGENTS, the LENDER’S PROCESSING & CLOSING PERSONNEL, the APPRAISERS and SEARCHERS, the TITLE INSURANCE FACILITATORS IN THE BACK ROOMS, and the CONSUMERS THEMSELVES, etc. who make the CLOSING PROCESS seem as SEAMLESS as it is...
Sometimes, THE PROS, those maybe somewhat detached from reality but calling most of the shots, do some mindless and crazy things...e.g., ALTA, a National Title Insurance trade association, with all good intentions, I’m sure, in order to bridge the gaps created by the new CD (CLOSING DISCLOSURE), proposed a new ALTA SETTLEMENT STATEMENT, which excludes all NPPI (non public personal information)...Will this new CLOSING STATEMENT be referred to as A.S.S. for short...???
In over 40 years in the REAL ESTATE INDUSTRY, including real estate sales, loan origination, and Title Insurance, it never ceases to amaze me WHY THE PROS DON’T CALL UPON THE GRASSROOTS EXPERTS IN THEIR RESPECTIVE FIELDS BEFORE they make wide sweeping procedural changes...!!!
That’s my BEEF OF THE WEEK...!!!
HAVE A GREAT WEEKEND...AND DON’T LET THE SUMMER HEAT GET TO YOU...!!!
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