Missouri Secured Title is 2010 RESPA Ready
RESPA Reform represents a sweeping, once in a generation change in the way real estate mortgage loans are presented to consumers. The successful incorporation of these significant changes in how we do business together presents unique challenges to those involved in the real estate industry. Lenders will be required to use the new Good Faith Estimate (GFE) form for any loan application taken after January 1st, 2010. Accordingly, if the new GFE form has been issued to a prospective borrower, the closing must be conducted using the new HUD-1 form. Missouri Secured Title uses the RamQuest software platform to produce our settlement statements on your behalf. RamQuest has been working feverishly to make certain our production platform will capture all of the new business rules necessitated by the 2010 RESPA Reform. By allowing us to close your transaction, you can rest assured your closing will be compliant with the new RESPA rules.
Lenders are now required to quote actual (or maximum) fees at the time the Good Faith Estimate is prepared. In addition, there are also new restrictions on how much all of the quoted fees (the Lender’s fees as well as the fees of other service providers) can increase between the issuance of the GFE and the closing. Further, if the service is such that a borrower is afforded the opportunity to “shop” for a service provider, the Lender is to provide the borrower with a written list (the List) of service providers. In this post-RESPA Reform World, it will be crucial for Lenders to know the pricing for each settlement service provider on their Lists.
Traditional business roles and those disclosures are changing. Yield spread premiums will no longer be paid to the mortgage broker in the 2010 RESPA Reform World. Commissions will no longer be expressed to the parties as a percentage of a sales price. The new HUD-1 form will now reflect a new trend in how commissions are calculated and paid accordingly. For our company, the agent-underwriter splits of premiums will be disclosed on the new HUD-1 form. Given these significant changes, including the new GFE and the new HUD-1 form, our company has streamlined our processes to accommodate all of these changes in the way we do business, making it easier for our customers.
We are committed to "Service Beyond Expectation"