RESPA reform

Why do progressive Dems support slowdown?

Matt_Carter — Thu, 08 May 2008 11:00:06 -0700

Looking at who signed the Hinojosa/Biggert letter, it's interesting to see the breakdown of 84 Democrats to 64 Republicans (and also that the total number of signatures -- 148-- falls short of the 226 gathered in 2004).

I suppose Republicans are a little reluctant to go against what is, after all, a Bush administration initiative. But then again, that was the case in 2004, as well. more...

RESPA reform

Comment period extended to June 12

Matt_Carter — Wed, 07 May 2008 13:54:43 -0700

Looks like HUD split the difference, extending comment period for 30 days sted of the 60 industry was looking for...

Rep. Hinojosa says 147 members of Congres co-signed his request to HUD for an extension, and he's not giving up on another: more...

RESPA reform

What else is there to say (that can't be said in 60 days)?

Matt_Carter — Mon, 28 Apr 2008 18:16:21 -0700

It was probably no surprise to most members of this group that trade associations representing realtors, lenders, title insurers and builders would want to push the timeline for RESPA reform back by 60 days -- or perhaps into oblivion (see previous discussion). more...

RESPA reform

Extend public comment period?

Matt_Carter — Mon, 21 Apr 2008 14:11:25 -0700

It's official -- industry groups are asking HUD to double the public comment period to 120 days. Representatives Ruben Hinojosa, D-Texas, and Judy Biggert, R-Ill., who led the charge in 2004, are circulating a "dear colleague" letter to build support for extending the public comment period. See Inman Blog.

Here's the text of the Hinojosa/Biggert letter:

Dear Colleague: more...

RESPA reform

Will consumers shop for settlement services?

Matt_Carter — Tue, 15 Apr 2008 12:18:02 -0700

Be interested to hear the group's thoughts on whether RESPA reform will spawn Web sites that allow consumers (and real estate and mortgage pros) to shop for settlement services.

See today's story on Fairclosingcosts.com's plan to launch next month.

RESPA reform

Should a real estate agent making a referral to a third party provider have an obligation to give an accurate fee quote?

Diane Cipa — Sun, 06 Apr 2008 02:23:09 -0700

Under the proposed GFE rule, a loan originator may relieve themselves of the burden of third party fee quote accuracy by NOT giving the consumer the name of providers. The loan originator can suggest that the consumer shop for those services themselves. In this case, the loan originator must still provide a quote for these third party services, however, there is no tolerance burden for accuracy. more...

RESPA reform

So will banks have to disclose SRP?

Matt_Carter — Thu, 03 Apr 2008 09:24:26 -0700

Note: This topic was originally submitted as a comment on an Inman News story, HUD rolls out new RESPA reform proposal. more...

RESPA reform

Are you going to submit a comment to HUD or not?

Howard Lax — Thu, 03 Apr 2008 06:41:35 -0700

Why are you writing your comments in this forum? The forum for submitting comments to HUD is Regulations.gov . HUD does not read comments in this forum. Submit your comments to HUD at: (Click here) .

RESPA reform

When do you see the GFE?

Matt_Carter — Wed, 02 Apr 2008 14:05:30 -0700

This topic was originally submitted as a comment by Kathy Glor on April 2, 2008 - 1:15pm.

Greetings to all, more...

RESPA reform

Put RE agents commissions, fees on GFE?

Matt_Carter — Wed, 02 Apr 2008 08:25:12 -0700

Note: this topic was originally submitted as a comment on another post by Diane Cipa on April 2, 2008 - 7:17am.

I have a question for real estate agents.

The GFE has no place for buyer paid commissions, brokerage/administrative fees, etc.

I know these fees are disclosed to the consumer in buyer agency agreements, but how do you suggest we get them into a GFE summary so the buyer is reasonably prepared for cash to close? more...

RESPA reform

RESPA links

Matt_Carter — Tue, 01 Apr 2008 15:39:33 -0700

Here's a list of links for those interested in learning more about RESPA reform. Feel free to add your own in the comments section.

Getting started:

HUD's RESPA home page.

Read HUD's proposed RESPA rule change as published in the Federal Register.

Download a copy of the proposed Good Faith Estimate (GFE). more...

RESPA reform

Will HUD Secretary Jackson's departure stall RESPA reform?

Matt_Carter — Mon, 31 Mar 2008 17:35:51 -0700

Even before HUD Secretary Alphonso Jackson announced his departure (see Inman News story), K&L Gates attorneys Phillip Schulman and Holly Spencer were expressing their doubts that HUD will be able to see the latest RESPA rule changes through. more...

RESPA reform

Packaging incentives: tolerances

Matt_Carter — Mon, 31 Mar 2008 17:28:47 -0700

HUD wants to introduce tolerance standards that would lock in some of the estimated charges presented to borrowers before they reach the closing table, such as loan origination fees. Increases of more than 10 percent would be prohibited on other charges, including settlement services like title insurance when borrowers use services that are selected or identified for them to use (see page 3 of the proposed Good Faith Estimate). more...

RESPA reform

Packaging incentives: cost averaging

Matt_Carter — Mon, 31 Mar 2008 17:25:22 -0700

To reduce the record-keeping burden for settlement services providers, HUD would allow average cost pricing for services like credit reports and courier services. more...

RESPA reform

Packaging incentives: negotiated discounts

Matt_Carter — Mon, 31 Mar 2008 17:20:45 -0700

HUD proposes to allow loan originators and third-party settlement service providers to negotiate volume-based discounts, as long as savings are passed on to borrowers.

Sue Johnson, executive director of the Real Estate Services Providers Council Inc. (RESPRO) — a trade group representing affiliated businesses — says HUD would also ban companies from offering incentives for purchases of affiliated services, unless they are offered as part of a package of services, and the overall price for the package is less than if the services were purchased individually. more...

RESPA reform