We have been reading about it for months and now we are five months away from the big RESPA Reform due to go into effect January 2010. Have you taken time to review the changes? From a lender perspective, it will greatly change the way some of you have been doing business. The new time line requirements for TIL and final TIL prior to closings will make it difficult for us to close at the last minute. The “variance” limitations on the amount the fees can differ from the GFE, may cause some issues at the closing table. From my perspective, this puts the title companies in a very difficult position of explaining any differences and begs the question “will we be required to inform borrowers of their rights to not close due to extreme pricing variances”?
In my opinion, this is real change that we all need to be on the same page. Are all of us, and I mean the Realtors, lenders and title companies, prepared for this change that is coming? I am reading as much as I can about it and hope you are as well. Check this blog site that is a nice forum for RESPA discussions. http://www.respaready.com/