May 07 2009
Get An IMMEDIATE Good Faith Estimate With Your Pre-Approval!
Survey Finds RESPA Changes Are Top Compliance Concern for Lenders; Risk Center
A QuestSoft survey of 355 lenders reveals that their biggest compliance concern this year involves changes to the Real Estate Settlement Procedures Act, with 74 percent citing new fee accuracy rules under RESPA as a major issue. In addition to more extensive disclosures and a requirement that the good faith estimate be provided to borrowers within three days of application submission, lenders are concerned about a House bill that calls for a rewrite of RESPA to better align with the Truth in Lending Act. QuestSoft President Leonard Ryan notes that “lenders need easy-to-use programs and tools to keep up with and comply with constantly changing regulations.”
No need to wait 3 days for a GFE from ERA Mortgage. I can provide a “Good Faith Estimate” at the same time I issue a Pre-approval letter. Call today!
Steve Florio
ERA Mortgage
435-640-0364 / cell
435-635-1504 / home office
