From the category archives:

RESPA

What Does A Massachusetts Real Estate Closing Attorney Do Exactly?

March 3, 2010

A lot more than you might think. Many buyers and sellers often wonder what a real estate closing attorney does other than conduct the closing. Well, quite a bit of work actually. The closing attorney acts as the “quarterback” of the closing process, performing many time consuming tasks preparing a transaction from intake to closing. [...]

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In Search Of A “Good Faith Accurate,” Not Just A Good Faith Estimate: A Senior Loan Officer’s Review Of The New 2010 RESPA Rules

January 6, 2010

I’m pleased to welcome another guest blogger, David M. Gaffin, a licensed Loan Officer with Greenpark Mortgage Corp. of Needham MA. Dave is licensed to originate in MA, NH and FL. You can visit him at Greenpark Mortgage or through his LinkedIn profile. The new 2010 RESPA rules are all the rage right now. So [...]

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The New Good Faith Estimate (GFE): Some Glaring Omissions

February 2, 2010

Lenders have been using the new Good Faith Estimate for a little over one month now. Gauging from the vociferous complaining in the lender blogosphere, it is an understatement to say that many lenders believe HUD really blew it with this new form. One would think that the new 3 page GFE would provide everything [...]

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Lenders React To Loan Worksheet Controversy, Express Frustrations With New GFE And RESPA Rules

January 24, 2010

My post on lenders using loan cost worksheets and estimates was the featured post on ActiveRain yesterday, spawning over 140 comments by last count. It turned into quite a lively discussion by mortgage lenders about how frustrated they are with the new Good Faith Estimate and RESPA rules. After digesting all the comments, I have [...]

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RESPA Fallout: Lenders Combat Deficiencies With New Good Faith Estimate Through “Loan Worksheets”

January 20, 2010

The Los Angeles Times and other media outlets are claiming that lenders’ use of loan cost worksheets and estimates are a “sidestep” of the new RESPA mandated Good Faith Estimate which went into effect on January 1. HUD officials say they plan to conduct a review of the growing use of “worksheets” and “fee estimate” [...]

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New RESPA Rules 2010: Disclosure of Settlement Services, Closing Attorneys’ Fees, And Title Insurance

January 3, 2010

In this post, I’ll discuss a very important issue to lenders, closing attorneys and borrowers alike: how the new RESPA rules handle the disclosure of closing attorney fees/costs and title insurance. The new RESPA rules significantly change the way lenders must disclose settlement services, in particular closing attorneys’ fees, and title insurance. Generally, under the [...]

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Massachusetts Real Estate Law Year In Review: Top Posts Of 2009 And Predictions For 2010

December 28, 2009

In the spirit of the New Year, let’s look back at the top legal issues of the past year and peer into the crystal ball for a glimpse at 2010. Top 5 Posts For 2009 #1. The Catch-22 Impact of New Fannie Mae Condominium Regulations. In January, Fannie Mae was the first government agency to [...]

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RESPA Webinar Available: New GFE and HUD-1 Settlement Statement Guidance

December 21, 2009

I received a link to a pretty good webinar on the new HUD RESPA rules. HUD’s Assistant Secretary for Residential Homes, Vicki Bott, participated in it along with mortgage industry veterans. It’s about an hour long. Click here and click the play button on the small screen.

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RESPA Update: HUD Issues New Settlement Cost Booklet and Powerpoint Presentation

December 21, 2009

With 11 days and counting until all lenders and closing attorneys must be in compliance with the new RESPA requirements and the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement, HUD has released two helpful documents: Shopping For Your Home Loan: HUD’s Settlement Cost Booklet. Loan originators are required to provide consumers with a [...]

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Are You Ready For Some RESPA Reform? Part I, An Overview Of The New Regulations

November 17, 2009

New, sweeping changes regulating how lenders, closing attorneys and title companies disclose loan and closing costs are set to go into effect January 1, 2010. The new regulations are part of a long awaited reform to the 30 year old Real Estate Settlement Practices Act known as RESPA aimed at providing greater transparency and fostering [...]

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HUD Announces Delay In Enforcement Of New RESPA Rules For 120 Days

November 14, 2009

For my entire series on the new 2010 RESPA rules, look to the right under “Spotlight On: RESPA Reform” or click here. The U.S. Department of Housing and Urban Development (HUD) announced on Friday that it will not enforce for a 120 day period new, sweeping regulatory changes to the Real Estate Settlement Procedures Act [...]

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