President Elect Barak Obama has selected Shaun Donovan to be the next United States’ Secretary of Housing and Urban Development. Donovan, who was the head of the New York Department of Housing Preservation and Development, is viewed by many in the industry as someone who possesses a significant amount of…
The United State Department of Housing and Urban Development (HUD) released their 341 page final RESPA rule today. I will provide more analysis on this rule later but I wouldn’t get too excited or upset about it yet as this rule appears to have more legal and congressional authority issues…
The United States Housing and Urban Development’s RESPA Department unleashed their new HUD-1 Settlement Statement today. The new HUD-1 doesn’t change too much in format on the 1st page but its the 2nd and 3rd page that does. Sections 100, 200, 400, & 500 don’t have any changes from the…
Federal Housing Commissioner/Assistant Secretary for HUD Brian Montgomery, Deputy Assistant Secretary for Regulation Gary Cunningham, and Director of RESPA Ivy Jackson will appear before the U.S. House Financial Services Committee today, November 12, 2008 at 2:00 PM EST to discuss HUD’s new final RESPA rule. The actual rule is still…
RESPANEWS.COM is reporting that The Office of Management and Budget (OMB) has concluded its review of the proposed RESPA REFORM rule that The United States Housing and Urban Development (HUD) has been pushing for. The proposed 2008 RESPA Reform rule seeks to give HUD the authority to impose civil money…
The Denver Post reports that First American Residential Group Inc. terminated a $600,000.00 a year marketing agreement contract with Re/Max International Inc. after Colorado regulators questioned the legitimacy of their arrangement. Erin Toll, the director of the Colorado Division of Real Estate has asked the United States Department of Housing…
According to Kenneth R. Harney in his Washington Post article, Lawsuit Takes Aim at Junk Fees Administrative Brokerage Commission (ABC) fees have been charged by real estate brokerages across the United States and a RESPA class action lawsuit seeks to do away with this practice. Although HUD’s RESPA division has…
The RESPA Affiliated Business Arrangement (AfBA) Disclosure form is required whenever a settlement service provider involved in a RESPA covered transaction refers the consumer to a provider with whom the referring party has an ownership or other beneficial interest. The referring party must provide the AfBA disclosure to the consumer…