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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

It attempts to keep things honest for consumers and professional amongst the real estate industry.  It is a path paved with good intentions.

Jun 21, 2016 03:55 AM
Rainmaker
2,570,673
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

This helps to counter the "greed" gene...

Jun 21, 2016 03:10 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

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.

Jun 21, 2016 03:05 AM
Rainmaker
1,514,571
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

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.

Jun 21, 2016 02:18 AM
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

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.

Jun 21, 2016 09:02 AM
Ambassador
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Dems da rules.

Jun 21, 2016 05:55 AM
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Carol Williams has it down pat

Jun 21, 2016 05:20 AM
Rainmaker
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Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

See Carol Williams comment.

Jun 21, 2016 04:30 AM
Rainmaker
4,798,978
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

To keep buyers from getting scammed.

Jun 21, 2016 03:18 AM
Rainmaker
1,316,642
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

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.

Jun 21, 2016 02:47 AM
Rainmaker
1,157,329
FN LN
Toronto, ON

It has no relevance in our great land.

Jun 21, 2016 01:34 AM
Rainmaker
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Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

The intent of RESPA is very important to consumers, but businesses will always find a way to mess with the intent. 

Jun 24, 2016 02:40 PM
Rainmaker
3,067,302
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Because it's the law...

Jun 21, 2016 10:56 PM
Rainmaker
3,569,767
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Because it's the law.

Jun 21, 2016 10:53 PM
Rainmaker
3,713,172
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

The industry has its share of unscrupulous people. RESPA is an attempt by unscrupulous politicians to control them!! What a mess!

Jun 21, 2016 10:23 PM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You must follow the requirements.

Jun 21, 2016 09:46 PM
Rainmaker
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Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Carol Williams reiterates its purpose and import. 

Jun 21, 2016 07:22 PM
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

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...

Jun 21, 2016 03:51 PM
Rainmaker
1,101,939
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Yes, it will likely to be on your test.

Jun 21, 2016 11:58 AM
Ambassador
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Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   # # 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.

Jun 21, 2016 10:19 AM
Ambassador
4,298,604
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Consumer protection, and it's the rule. See what Carol Williams said so well!

Jun 21, 2016 08:11 AM
Rainmaker
4,432,971
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

To protect the  consumer.

Jun 21, 2016 06:30 AM
Rainmaker
5,444,217
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Carol pegged it.... understand it and you'll never go wrong....

Jun 21, 2016 05:55 AM
Rainmaker
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Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Minnette Olsen RESPA insures the consumers get fairly treated during the settlement process.

Jun 21, 2016 04:44 AM