When the final RESPA rule was handed down, it was understood that all industry players would have to drastically change their relationships and communication practices. At the GFE stage, loan originators would need timely, accurate information from the settlement side – and at the HUD-1 stage, the opposite. Communication models and dynamics would also change for mortgage brokers, loan officers, real estate agents, attorneys and other settlement titles.
So now that the new rule is finally here – and the industry has had some time to get adjusted – how much has communication really changed? How, and when, could it be better?
In Bridging the RESPA Gap we explore the first month-plus of the revised GFE and HUD-1. You’ll walk away with a wide range of usable tips, advice and best practices for lender/title communication from our accomplished industry experts!
Who Should Listen?
- Mortgage Brokers/Loan Officers
- Title Agents
Order today and learn:
- How agents can help lenders tighten-up GFE quotes through improved communication – plus what information should be communicated, and when.
- Best practices for dealing with tolerance issues with lenders and consumers.
- How to handle consumer questions at the closing. What should agents expect?
- Best practices for getting accurate information from lenders for completing page 3
- Tips for explaining the form to the consumers, including tolerances, overages, etc.
Here are just a few of the questions our experts answered
- How should title agents respond to lenders asking for an itemized breakdown of fees and does HUD allow this?
- What if a lender submits loan instructions that are not compliant with the final rule? Will title agents be liable for a RESPA violation if they follow them?
- Can lenders ask title agents to eat fees that push the HUD-1 amounts outside of tolerance and how should agents handle this request?
- Please verify what lines "seller title fees" should show, i.e. closing fees, closing protection letter, etc?
- When there are sellers recording fees to clear title, do those have to be on the buyers’ side on the HUD and then credited on the front?
- Where would payoffs other than mortgages be placed on the new HUD – and when you have lender paid closing costs, does this now get shown as a credit on the front?
- Most lenders now want both versions of the HUD to break down all of our fees – how are agents handling this?
- Who is ultimately responsible if the terms on page 3 are not compliant (i.e., if the lender instructs title fees to be in the "charges that can change" section, and the title company disagrees but ultimately follows their instruction)?
- When foreclosure property is sold, the costs are much higher than a regular purchase – so would this be a changed circumstance?
- If state laws mandates the seller pay transfer taxes, does the lender need to disclose transfer taxes on the GFE?
President and Chief Operating Officer
TSS Software Corporation
Barbara L. Miller is co-founder, president and chief operating officer of TSS Software Corporation. Ms. Miller’s professional career spans all aspects of the land title business, from searcher and processor to title agency manager. Ms. Miller’s intrigue with title technologies and their future impact on the real estate transfer process was the impetus for forming TSS in 1993. She is a frequent speaker at title insurance underwriter-sponsored events as well as national and state land title association conferences.
Attorney and Founding Partner
Franzén and Salzano, P.C.
Loretta Salzano is one of the firm's founding partners and manages Franzén and Salzano’s state and federal compliance practice. Loretta advises mortgage lenders, brokers, banks and other financial institutions regarding licensure, fees, disclosures, reporting, advertising, marketing, fair lending and other matters related to their products and services. She assists clients in responding to regulatory examinations and actions. Loretta also drafts and negotiates contracts on behalf of financial institutions, including, but not limited to loan purchase and sale agreements, warehouse line agreements and servicing agreements. Loretta spends a great deal of her time advising mortgage lenders, brokers and other settlement service providers on how to increase their business while remaining within the confines of the Real Estate Settlement Procedures Act and other state and federal laws.
|Steven M. Buckman
Buckman Legal PLLC
Palisades Title Company
Steven M. Buckman is a principal with the law firm of BuckmanLegal PLLC and the president of Palisades Title Company. He concentrates his practice on title, foreclosure, commercial leasing, condominium, and other real estate related issues. He frequently serves as an expert witness in related matters. He is admitted to practice law in the District of Columbia and the State of New York, as well as the federal courts of the District of Columbia and the State of Maryland. Steven received his B.A. degree from the University of Wisconsin-Madison and his J.D. degree, cum laude, from the University of Maryland. He has conducted numerous seminars for the real estate industry in Washington, DC, and Maryland. In addition, he has conducted seminars for the District of Columbia and Maryland Land Title Associations on title and other real estate matters, as well as for the National Business Institute, Lorman and Half-Moon Seminars. He co-authored “Mastering Real Estate Titles and Title Insurance in Washington D.C.”, and “Washington D.C. Real Estate Title Law: Problems and Solutions.” He holds membership status in the Greater Capital Area Association of Realtors, the American Land Title Association, and the National Association of Mortgage Brokers. He is a former president of the District of Columbia Land Title Association in which he served as a Board Member for over 15 years, and he currently acts as a Director of the Maryland Land Title Association.
The Title Report, October Research Corp.
Jennifer Kovacs is the editor of The Title Report at Richfield, Ohio-based October Research Corp. She reports on the daily news of the title insurance and settlement services industry through e-news campaigns and the Web site www.TheTitleReport.com, in addition to providing readers with in-depth analysis and feature stories in the bi-weekly print publication. Jennifer also manages Webinars and audio seminars presented by The Title Report and is involved in the planning and execution of October Research’s National Settlement Services Summit. Prior to joining October Research, Jennifer was a senior editor with a Cleveland, Ohio-based trade publishing company, where she reported on the hotel industry for a group of four hospitality magazines. She also has spent several years as a reporter with a Northeast Ohio daily newspaper, covering local politics and education.