Thursday, May 22, 2008

RESPA reform committee hearing

5 comments:

Dave Wirsching said...

So what do you think of this testimony?

Diane Cipa said...

This one specifically or the whole series? I haven't had a chance to listen to them all.

Dave Wirsching said...

This one - do you have a pointer to the series?

Diane Cipa said...

Just posted a link. Let me re-watch this one and get back with a comment. :)

Diane Cipa said...

OK, I don't have to re-watch it, I remember.

Here's my take on his comments. Any reform to the HUD-1 will involve a software update. How much that costs will depend upon your software provider. I don't expect mine to run $5000 that's for sure. IF they assess any additional programming costs, I'd guess maybe $1500. That's a cost of doing business and BTW far less a cost than the thousands of dollars that title agents freely toss out the window in free work tagging it as "a cost of doing business" rather than charge cancellation fees.

HUD cannot control the entirety of the paper involved in a real estate transaction. Lenders and title companies seem to have NO problem adding paperwork if it suits their fancy.

I firmly believe consumers will be better served and make better choices with the proposed GFE/HUD enhanced with the script.