Updates to the Real Estate Settlement Procedures Act have several trade groups warning of an upcoming “train wreck.” But help has arrived just in case implementation is not delayed.
A joint letter Tuesday to U.S. Department of Housing and Urban Development Secretary Shaun Donovan from several trade groups including the American Bankers Association, the Consumer Mortgage Coalition and the Mortgage Bankers Association highlighted several defects in the new regulations that implement RESPA.
The letter indicated that the frequently asked questions published by HUD have clouded implementation of the new rule, and it recommended a delay in the implementation of the changes.
“We are headed for a mortgage market train wreck on the tracks of RESPA compliance,” the groups said. “With less than three months remaining until the implementation date of Jan. 1, 2010, HUD has not provided the clear and needed guidance on a timely basis to enable the industry to be fully RESPA compliant by the first of the year.”
SmartGFE will be integrated into Calyx Software’s Point loan origination system in November, ClosingCorp announced this week from the Mortgage Bankers Association’s annual conference. Instant good faith estimates are based on live rates and local practices.
“Under HUD’s new RESPA reform beginning Jan. 1, 2010, loan originators must deliver more accurate good faith estimates,” ClosingCorp stated. “The SmartGFE seamlessly integrates with Point to deliver an easy and more accurate GFE to help lenders comply with these new tolerance limits.”
Two RESPA seminars are being hosted by the Real Estate Services Providers Council Inc., according to a press release last week. One is being held in Denver on Nov. 3, while another will occur on Nov. 5 in Chicago.
RESPRO said each seminar counts for seven Continuing Legal Education credits.
