client: RESPA Changes are on their way!
- 10/22/09 03:02 PM
RESPA, enacted by Congress in 1974, is a federal consumer disclosure designed to inform consumers of their settlement costs and to prohibit certain practices, such as referral fees between settlement service providers, that result in higher costs to consumers. The RESPA was recently amended, with changes becoming effective Jan. 1, 2010.
Please make sure that you have this new information and if training is available in your area try to get in a session. (2 comments)
The Latest from the mortgage industry - help our homeowner's and business owners avoid the scam artists! Some of their tactics are listed below.
1. The business guarantees it can stop a foreclosure
regardless of the borrower's actual circumstances.
2. The business tells you to break off any contact
with your lender / servicer, independent counselor
3. The business asks for payment up front, before it
has performed any services.
4. The business instructs you to turn over your monthly
mortgage payment to it, and not your loan servicer.
5. The business attempts (1 comments)
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