I read an article this last week about the new RESPA changes coming into effect on January 16, 2009 and the revisions to "Required Use" definition will have HUGE implications to new home builders. How so?
Home builders will no longer be allowed to offer special financing or closing cost incentives to their clients if they use their preferred lender. Builders must offer these incentives to every buyer no matter what mortgage company the buyers choose! Yeah! Builders can no longer require the use of a certain settlement provider such as a mortgage company when offering any discounts or incentives.
Your buyers will soon be free to choose their lender when buying a new home!