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The Department of Housing and Urban Development ("HUD") implemented new changes in RESPA, the Federal Reserve introduced a new Truth-in-Lending disclosure form and a new HUD-1 Settlement Sheet and Good Faith Estimate made its way into our transactions.
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Under RESPA (Real Estate Settlement Procedures Act), should a lender list a charge for appraisal on the Good Faith Estimate (GFE) if the firm is using a prior appraisal that will not be charged to the borrower?
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Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development (HUD), recently announced that certain types of loans designed to help low- to moderate- income borrowers are exempt from the principal disclosure requirements found in Sections 4 and 5 of the Real Estate Settlement Procedures Act (RESPA).
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Nine months after the mortgage industry was forced to adopt new Good Faith Estimates (GFE) and HUD-1 forms, Bankrate.com reports that the new forms are working, providing consumers with more accurate closing cost estimates.
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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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NAR’s General Counsel Laurie Janik, Esq. will team with PAR’s Counsel Jim Goldsmith, Esq. to present national trends in broker liability issues at the PAR Business Meetings on Monday, May 24 at 3 p.m. in the Harrisburg Hilton.
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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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A debate has emerged among agents and brokers across the country about whether “blended fees” – a combination of the traditional percentage-based commission and a flat fee -- are legal and, if so, how they have to be disclosed to consumers.
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Hotline callers often want to know if it's legal to rebate or refund part of their commission to their clients. It is legal, provided the licensee is rebating or refunding commission to her own client and the rebate or refund is listed on the HUD-1.
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Wednesday, Feb. 8, 2012
