OLD REPUBLIC TITLE UPDATE

In the news ...   Tuesday, May 06, 2014
  

HUD'S RESPA ROUNDUP


Please see the attached or click here for HUD's latest "RESPA Roundup", which answers questions pertaining to the recently changed mortgage broker compensation rules and their impact on the GFE.  Specifically, this guidance addresses the following:

 

(1) mortgage broker transactions where the broker is compensated indirectly from the lender by means other than an amount that is computed based on the interest rate, such as by a flat fee or an amount that is based on any other computation;

(2) no cost transactions where the credit for the interest rate chosen covers third party settlement charges;

(3) using a credit/charge calculation prior to completing Block 2 on the GFE; and

(4) payments by lenders to borrowers to correct tolerance violations in transactions involving a mortgage broker.

 


 

Please contact Sue Morgan at Old Republic Title with any questions
or give us a call at 610-687-8020 or 800-842-2080. 

 

To unsubscribe to this newsletter, please click here. 

 

Pennsylvania

1265 Drummers Lane Suite 220

Wayne, PA  19087

(610) 687-8020

(800) 842-2080

(610) 687-6056 - fax

 

Calder Square

P.O. Box 10326

State College, PA  16805

(814) 238-3600

(814) 238-3604 - fax

 

790 Holiday Drive
Third Floor
Pittsburgh, PA 15220
877-596-1260
412-921-6417 - fax

Delaware

32 The Green

Dover, DE  19901

(302) 734-3570

(800) 722-0784

(302) 734-3254 - fax

 

920 N. King Street

Suite 414

Wilmington, DE  19801

(302) 661-1997

(302) 661-1996 - fax

Maryland

Columbia Corporate Park

8840 Stanford Blvd.

Suite 4500

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax

Virginia

9303 Center Street

Suite 101

Manassas, VA  20110

(703) 365-2300

(800) 232-6817

(703) 365-2400 - fax

 

1245 Mall Drive
Richmond, VA 23235 (804) 897-5499

(804) 897-9679 - fax

 

6802 Paragon Place

Suite 410

Richmond, VA  23230

(804) 441-6112

(804) 441-6050 - fax

 

Old Republic Title Update is published by the Mid-Atlantic Area Office of Old Republic National Title Insurance   Company in an effort to provide information relative to our industry on a timely basis. None of the materials included in this publication should be deemed legal or underwriting advice or should be acted upon without prior consultation with your underwriter or counsel.