Tag Archive

Two Flaws with the new Good Faith Estimate

By Rhonda Porter

Let me begin by saying I think that uniform Good Faith Estimates are a huge step in the right direction. However, I’m quickly reviewing the newly revised Good Faith Estimate and HUD-1 Settlement Statement (beginning on page 46; link below) to see if any changes were made since they were unveiled. The two biggest issues that... »

HUD Passes RESPA Reform, New GFE Coming in 2010

By Jillayne Schlicke

Now I know that true miracles happen. We have all been waiting for RESPA reform for as long as I’ve been in the industry, which has been over 25 years.  Here’s what the new Good Faith Estimate will look like.  Everyone has all of 2009 to get their systems ready because the new form... »

Realtors and mortgage brokers are warned that they will be prosecuted for RECEIVING title insurance company payola

By Jillayne Schlicke

A “Risk Management” Alert bulletin was distributed to real estate brokers in Washington State this week by the Washington Assoc of Realtors in anticipation of yet another new state law, SB 6847 that will go into effect on June 12th. Here is the bulletin: June 3, 2008 SUBJECT: RISK MANAGEMENT ALERT To Share at This Week’s Office Meetings THIS... »

I went to a mortgage whore, he said my life’s a bore

By Jillayne Schlicke

Dear Jillayne, I have two residential loans that have been referred to me, one from a mortgage broker in Colorado and another from a credit union. Both LOs have already taken the loan application, gathered all the supporting documents, and sent the loans through the lender’s automated underwriting system. The credit union is unable... »

Title Insurance Affiliated Business Arrangements Under Scrutiny

By Jillayne Schlicke

I teach a class called “RESPA” which is about the federal Real Estate Settlement and Procedures Act. This act has been around since the mid-1970s and the industry sometimes refers to it as the anti-kickback legislation although RESPA does much more than that. Sections 8 and 9 of RESPA prohibit exchanging something of... »

Cease & Desist Order by Wa. State Insurance Commission against Title Co.

By Tim

Today, the Washington State Insurance Commission, ordered Stewart Title Guaranty Company to stop illegal payment and gifts to agents and Brokers. “Kreidler’s order demands that Stewart Title Guaranty Company “immediately cease and desist” giving or paying anything in excess of $25, calculated in aggregate over a 12-month period, per person, for placing or causing title... »

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