1,076,551
It attempts to keep things honest for consumers and professional amongst the real estate industry. It is a path paved with good intentions.
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Troy Erickson AZ Realt...
Chandler, AZ
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Fred Griffin Florida R...
Tallahassee, FL
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Mary Yonkers
Erie, PA
2,781,173
This helps to counter the "greed" gene...
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Richie Alan Naggar
Riverside, CA
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Mary Yonkers
Erie, PA
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John Meussner
Fair Oaks, CA
6,393,404
Another example of well meaning govt people enacting rules to protect the public that actually do more harm than good by the time the extra expenses are tallied up.
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Bob Crane
Stevens Point, WI
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Fred Griffin Florida R...
Tallahassee, FL
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Bob Betel
Sweetwater, TN
2,178,603
The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974. The purposes of RESPA are. to help consumers become better shoppers for settlement services and. to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services.
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Will Hamm
Aurora, CO
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Mary Yonkers
Erie, PA
3,988,007
It was established to enforce lenders to be truthful in their lending practices but like all things the government does it has gotten to be cumbersome and complicated and now only confuses buyer.
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Fred Griffin Florida R...
Tallahassee, FL
1,712,676
4,936,683
1,231,853
4,800,082
1,502,998
Because the government wanted to feel like they were doing something, so they passed a law to solve a problem that didn't exist. That's the reality of it.
The textbook answer: "Because it helps buyers be more informed" In reality, it adds unnecessary delays to the process with the closing statement review period.
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Fred Griffin Florida R...
Tallahassee, FL
1,157,785
979,496
The intent of RESPA is very important to consumers, but businesses will always find a way to mess with the intent.
3,071,489
5,104,931
5,216,398
The industry has its share of unscrupulous people. RESPA is an attempt by unscrupulous politicians to control them!! What a mess!
7,836,134
634,482
4,319,419
Minnette Olsen - it's there for a reason - specially for those who may just want to 'buy' the business using OPM -- Other People's Money...
1,239,901
2,684,109
# # When I started in RE, it was common for Lenders and Title Companies and Insurance Agents to take us for lunch or dinner; they would pick up the check. They would also give bottles of wine, or tickets to the game, or other gifts to real estate brokers.
Now, thanks to the fear (and the reality) of RESPA, if I have lunch with a Lender or Title Company Rep, we get separate checks.
5,049,183
Consumer protection, and it's the rule. See what Carol Williams said so well!
4,434,127
5,583,278
1,466,207
Minnette Olsen RESPA insures the consumers get fairly treated during the settlement process.