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#1278459 - 11/02/09 06:42 PM
Re: RESPA Changes-Vent...
buggs
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100 Club
Joined: Jul 2004
Posts: 141
A Mile High
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We can train (and should train) but if anybody gets this right, it will be a miracle. I'm not trying to be negative about this, but I predict a disaster is waiting around the bend. I'm already preparing my management to understand that no matter how hard we try and how good our people and systems are, we will have violations during our next exam. Count on it. BINGO! I can't agree with you more. God bless HUD and their rulemaking by FAQ. There is a 100% certainty that I will be having a conversation something like: Examiner "FAQ pg. 39 question #1 clearly states..." - Me "but..." - Examiner "and pg. 14 question #9..." - Me "but..." We have a team of very knowledgeable compliance and operations people working on this and we basically all feel like we were hit with a hammer after each and every meeting. Very frustrating indeed!
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#1278482 - 11/02/09 06:59 PM
Re: RESPA Changes-Vent...
Truffle Royale
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Power Poster
Joined: Jan 2008
Posts: 6,389
Looking for My Happy Place....
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The whole thing is making me - literally. But I've resigned myself to the fact that I can only do what I can do, and teach what is out there - whether it's written in stone or basically "unofficial" until it becomes "official".
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What would you do if you knew you could not fail? ~ Dr. R Schuller
My opinion only.
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#1278543 - 11/02/09 07:45 PM
Re: RESPA Changes-Vent...
Truffle Royale
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Power Poster
Joined: May 2005
Posts: 8,487
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We have a team of very knowledgeable compliance and operations people working on this and we basically all feel like we were hit with a hammer after each and every meeting. Thank cod I'm not the only one! People walk by shaking their heads when I start that nervous insane giggle on about p.6 of the latest FAQ.No, you are *not* the only one. I think it is a safe bet to say that this includes just about *everyone.* How this situation can be allowed to go on points to something, but I'm not exactly sure what.
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#1278696 - 11/02/09 09:12 PM
Re: RESPA Changes-Vent...
pjs
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New Poster
Joined: Apr 2007
Posts: 7
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Since our state laws give the borrowers the right to choose their attorney and insurance agent, I see no way around our originators providing the borrower with a written list of third-party settlement servicers. Am I thinking right?
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#1278730 - 11/02/09 09:37 PM
Re: RESPA Changes-Vent...
GSB Risk Mgmt
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Gold Star
Joined: Apr 2008
Posts: 328
State of Confusion
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Since our state laws give the borrowers the right to choose their attorney and insurance agent, I see no way around our originators providing the borrower with a written list of third-party settlement servicers. Am I thinking right? It sound like you're talking about box 6 of page two 'Required services that you can shop for' of the GFE, right? I'm not sure that you are required to provide any list for those services. The current List of Required Service Provdiers will go away in January.
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A common mistake people make designing something completely foolproof is to underestimate the ingenuity of complete fools.
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#1279138 - 11/03/09 04:21 PM
Re: RESPA Changes-Vent...
Jafo
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New Poster
Joined: Apr 2007
Posts: 7
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Yep - thanks - I'm so confused. I know we'll survive but I don't think it will be pretty!!
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#1279156 - 11/03/09 04:38 PM
Re: RESPA Changes-Vent...
GSB Risk Mgmt
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Diamond Poster
Joined: Nov 2005
Posts: 2,409
SW GA
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Anyone other than me going to listen in on the OTS "discussion" today?
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Semiretired. Working parttime at Historic Westville as a tour guide.
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#1279161 - 11/03/09 04:40 PM
Re: RESPA Changes-Vent...
Bagweaver
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Power Poster
Joined: Feb 2005
Posts: 6,559
Foxboro
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Anyone other than me going to listen in on the OTS "discussion" today? :raises hand: Just printed the 108 page power point...
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Best QB Ever. Worst Defense Ever.
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#1279186 - 11/03/09 04:46 PM
Re: RESPA Changes-Vent...
#Just Jay
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Diamond Poster
Joined: Nov 2005
Posts: 2,409
SW GA
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Sure! Hold your breath!
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Semiretired. Working parttime at Historic Westville as a tour guide.
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#1279197 - 11/03/09 04:48 PM
Re: RESPA Changes-Vent...
Bagweaver
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10K Club
Joined: Jul 2004
Posts: 18,989
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What Va Jay said.
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With the lights out, it's less dangerous.
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#1279200 - 11/03/09 04:50 PM
Re: RESPA Changes-Vent...
TB 12
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Diamond Poster
Joined: Jun 2005
Posts: 1,343
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Anyone other than me going to listen in on the OTS "discussion" today? :raises hand: Just printed the 108 page power point... I didn't find a power point? Care to share where that's located?
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CRCM
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#1279211 - 11/03/09 04:57 PM
Re: RESPA Changes-Vent...
#12
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Diamond Poster
Joined: Nov 2005
Posts: 2,409
SW GA
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Semiretired. Working parttime at Historic Westville as a tour guide.
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#1279215 - 11/03/09 05:00 PM
Re: RESPA Changes-Vent...
Bagweaver
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Diamond Poster
Joined: Jun 2005
Posts: 1,343
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Thanks Oldie...no powerpoint though, just a copy of the GFE, HUD, and final rule.
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CRCM
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#1279219 - 11/03/09 05:02 PM
Re: RESPA Changes-Vent...
#12
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Diamond Poster
Joined: Nov 2005
Posts: 2,409
SW GA
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Did you click on the final rule?
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Semiretired. Working parttime at Historic Westville as a tour guide.
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#1279231 - 11/03/09 05:08 PM
Re: RESPA Changes-Vent...
Bagweaver
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Diamond Poster
Joined: Jun 2005
Posts: 1,343
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I did not! Thanks! I figured it was the final regulation, and didn't want to read that!
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CRCM
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#1279241 - 11/03/09 05:15 PM
Re: RESPA Changes-Vent...
#12
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Power Poster
Joined: Feb 2005
Posts: 6,559
Foxboro
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:waves at deek:
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Best QB Ever. Worst Defense Ever.
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