Posted by LynnNC on 8/21/08 12:31pm
Msg #261044

Proposed RESPA Change

I just received the NNA/NSA August eNewsletter which contained an article, "Report: Proposed RESPA Change Could Increase Closing Costs". I thought this was a dead issue, but, I guess not.

"A proposed change to the Real Estate Settlement Procedures Act (RESPA) that has drawn fire from Signing Agents for putting their work in jeopardy could also raise average closing costs by hundreds of dollars, according to a June report published by the National Association of Realtors (NAR)...."
http://www.nationalnotary.org/nsaSection/index.cfm?story=1468&referID=A36165&wt.mc_id=945

Reply by pan/nd on 8/21/08 2:24pm
Msg #261080

Gees...this article is authored by the XXX.

This is the same XX ASS'n that flooded the market with notaries and

caused the ridiculous furor over background checks.

Maybe there's some truth to it...but if it's on XXX letterhead, as this article is, I would take it

with a CAKE of salt.

Reply by MW/VA on 8/21/08 3:15pm
Msg #261103

Beware, IMO their biggest sales tool is fear.

Reply by BrendaTx on 8/21/08 6:30pm
Msg #261137

Amen. n/m

Reply by JanetK_CA on 8/21/08 4:42pm
Msg #261126

As usual, the truth is in the details...

Like the others, I'm more than a little skeptical of anything put out by the NNA. When I went back and reread the article, I noticed the information was from a JUNE report by the NAR economist. I don't remember when this issue was a hot topic on this board, but could it have been around that time? Wouldn't surprise me.

It seems like the news disseminated here is much more current than what comes out of the NNA, so maybe you're right about this being a dead issue. I haven't really kept on top of it, but I imagine there is someone else here who has...

[All comments jmho.]

Reply by DianeCipa on 8/21/08 10:26pm
Msg #261156

HUD has announced their intentions to come out with a final

rule by year end. They have stated that they intend to make some modifications to their proposal.

Reply by JanetK_CA on 8/22/08 2:12am
Msg #261166

Thanks.

Your updates are appreciated. I guess time will tell...

Reply by MichiganAl on 8/21/08 8:29pm
Msg #261145

I don't need to read any further than: "A proposed change to the Real Estate Settlement Procedures Act (RESPA) that has drawn fire from Signing Agents for putting their work in jeopardy...." Since the only fire that it drew was from XYZ and those it convinced to eat their load of manure, I figure the rest of the article is just more of the same b.s.