At a recent meeting of the American Land Title Association, a representative of HUD who is well known to the industry, Ivy Jackson, responded to the question: “What do I do if I know more about the [RESPA] Rule than my lender, and the lender insists on doing things their way?” Jackson’s answer was succinct:Educate provide the information Document in writing, both your attempts to explain the Rule and the lender’s demand to do it their way Save the closing instructions Close the loan
Tag Archives: Title Insurance Issues
Title Insurance Talk: RESPA Referral Fee Matrix
LO’s are again asking about the RESPA rules — about when you can legally pay an affiliated party a referral fee. Dr. Gary Lacefield, RESPA Expert, has provided a RESPA REFERRAL FEE MATRIX and you can find it in the Charts & Checklist section of www.MortgageCurrentcy.com
Major Expenses can Result in Special Assessements by Associations
Special Assessments are not uncommon when major storms hit; therefore, make sure when you are purchasing a property that is a CONDO or a PUD (Homeowners’ Association) that you speak directly with the association manager the day of closing if not at the time of closing (start calling the day before) and get in writing any outstanding dues and in particular, ask when the next meeting is to occurr and if any special assessments have already been voted upon.
Major Expenses can Result in Special Assessements by Associations.