What!?!? This is it??? Are you kidding me??? Those are just some of the reactions industry had with HUD's release of its FAQ regarding The Final RESPA Rule. In typical HUD fashion this FAQ is long in mystery short on substance. Speaking only for myself HUD continues to define Insanity, They keep doing the same thing and I keep expecting different results. Oh well...such is life.
There are so many details that I can't cover in the content of a blog but I am going to provide you with some useful links. First, HUD's FAQ 16 pages of questions is interesting, confusing, informative, and just plain substance free at times. This link, http://www.hud.gov/offices/hsg/ramh/res/faqfinalrev3.pdf, will provide you with the 16 pages of questions and answers so you yourself may decide if this helps you get prepared for the upcoming changes. The most informative question...well that is up to you to decide. The RESPA Rule has many components to it. Don't believe you can know "about it" and be prepared for the changes. Every company in the real estate industry will be effected so read and study these changes. They are no long proposed, January 1, 2010 it becomes a reality.
Washington wants mortgage reform, Washington wants financial services reform, and when Washington wants something it typically will happen. I have been involved with the RESPA Reform Debate going back to 2002 and my experience has taught me this....the Final RESPA Rule is much different that what was proposed in 2004, the Final RESPA Rule is much different that what industry proposed in the 6 round-tables held throughout the US in 2005, and The Final Rule is even different than what came out in November 2008.
In closing I want to give credit to October Research and RESPA News for the information I have used to write this blog today. RESPA News has two very good articles I recommend you read, "HUD issues FAQs on RESPA final rule" dated 08/14/2009 and written by Kelly McCarel and "HUD responds to criticism over RESPA rule FAQ issuance" dated 08/18/2009 also written by Kelly McCarel, October Research. Here is a link to RESPA News, http://www.respanews.com, and I would recommend following this publication.
HAVE A GREAT DAY!!!!
Kevin M. Breeland
General Manager
Residential Mortgage of South Carolina, LLC
427 Johnnie Dodds Rd.
Mount Pleasant, SC 29464
www.residentialscdailyrates.com
Competitive by nature...the Best by choice!
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