|
12/03/2009
RESPA Reform
The U.S. Department of Housing and Urban Development (HUD) enacted RESPA Reform to help protect borrowers applying for home financing by standardizing the industry. The reform applies to all lenders and mortgage brokers and is mandatory to begin by January 1, 2010. Title Guaranty has been working on its operations systems and training its staff for the past few months. The company is prepared to provide the new RESPA HUD-1 Settlement Statement and is providing statewide classes for real estate professionals who are interested in learning more about the RESPA changes.
12/24/2009
Title Guaranty is the first in nation to launch a GFE call center
On December 18, Title Guaranty became the first title and escrow company in the nation to implement the first Good Faith Estimate (GFE) call center. This was a solution born 90 days ago when the company put a task force together to address the U.S. Department of Housing and Urban Development (HUD) Real Estate Settlement Procedures Act (RESPA) Reform to become mandatory January 1, 2010. HUD’s objective in mandating the RESPA Reform is to help home buyers make informed financing decisions. Lenders will be required to provide borrowers with the new RESPA Reform GFE upon application. In addition, escrow companies will be required to provide home buyers with the RESPA Reform HUD-1 settlement statement which should closely mirror the GFE. Title Guaranty’s GFE call center is open seven days a week.
|
