The Push is On For RESPA Readiness

Submitted by mschuster on Fri, 11/06/2009 - 1:12pm
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It's November, and that spells crunch time for industry professionals working to become RESPA Ready in advance of the Jan 1 deadline.  I am a happy road warrior, conducting trainings all across the country for settlement providers, real estate agents, mortgage bankers and mortgage brokers.  I would swear I can see The Schuster Doggies (Bailey & Sophie, the stoic Labrador and intrepid Pound Puppy) roll their eyes as suitcases are unpacked and repacked.  What's the word out there?  Read on for more details.
 
Arkansas is getting RESPA Ready.  I'm just back from a very successful 3 day event with WACO Title where we had the opportunity to educate nearly 700 real estate agents and loan originators.  Northwest Arkansas, home of a little company you may have heard of called Wal-Mart, was wondering how much stock to put in the many rumors that abound regarding a possible delay of implementation for RESPA Reform.  I can assure you, HUD is still standing firm with its commitment to the deadline.  While it is impossible to know the source of rumors to the contrary, ALTA officials remain in close working contact with HUD, who has not wavered in the least.  Attendees to our educational sessions were thrilled to receive comprehensive RESPA Reform information - especially the focus on practical implementation matters.
 
Lenders are still working around the clock to get their loan origination systems ready for the 2010 changes.  Most should have the 2010 GFE form ready to roll, but there are concerns about how lenders will transmit 2010 HUD-1 data to settlement agents.
 
HUD has promised even more guidance via additional FAQs, so keep watching here at RESPAReady where we always have the latest information, free of charge.  And we don't use attention grabbing headlines based on scare tactics, either.  We only post fair and reasoned analysis that supports your business needs.
 
Next week it's out to Alabama with our friends at First American for their local agent training.  And then on to Little Rock for a quality educational seminar hosted by the Arkansas Land Title Association and Arkansas Mortgage Bankers Association. 
 
Keep working hard toward RESPA Readiness.  If you haven’t yet attended an in-depth educational session, be sure to find one or contact us for assistance.  We'll keep you focused and moving in the right direction!
 

Comments

Arkansas Responses

Submitted by dreedsparks on Tue, 11/10/2009 - 4:58pm.

Just wanted to lend a testimonial to your blog. We conducted post seminar surveys of our attendees in each of the three markets you presented (NWAR, Fort Smith and Conway) and got overwhelming positive response. The requests for your training materials from the seminar were equally great. While our associates found the presentations education, we also enjoyed the opportunity to establish ourselves as an informed business partner and are hopeful that that reputation will result in increased transactions as our business partners try to navigate the unchartered territory of the 2010 HUD and new RESPA world.