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Fees paid to brokers/REALTORS® for “marketing” home warranties to sellers or buyers are illegal kickbacks or referrals and are prohibited under the Real Estate Settlement Procedures Act (RESPA), according to an announcement last week from the U.S. Department of Housing and Urban Development (HUD). The ruling took effect immediately.
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REALTORS® should now be working with the new Good Faith Estimate (GFE) and HUD-1 forms and they need to understand the changes to the two forms and how those changes can impact their buyers and them.
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If you’re following the evolution of amendments to RESPA (Real Estate Settlement Procedures Act), you know that HUD's responses to industry, consumer and governmental requests to delay implementing these changes has been “no dice.”
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All REALTORS® should know that there are going to be substantial changes in RESPA, and soon! HUD has drastically changed the Good Faith Estimate (“GFE”) that it requires all lenders of federally related, residential mortgages to prepare.
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REALTORS® and homebuyers are facing challenges during this economy. HUD officials discuss the different financial programs available for homebuyers and how REALTORS® can assist their clients.
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Revisions to the Good Faith Estimate and the HUD-1 may actually make settlement smoother for buyers and their agents.
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Shaun Donovan, secretary of the Department of Housing and Urban Development (HUD), announced Tuesday at NAR’s Midyear Meetings in Washington that HUD has withdrawn the proposed “required use” definition in the Real Estate Settlement and Procedures Act (RESPA) overhaul.
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Thursday, May. 17, 2012
