1,077,951
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
2,784,416
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
6,416,359
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
2,187,462
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
3,988,013
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
1,712,776
4,959,198
1,231,853
4,800,132
1,505,863
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
1,157,791
979,596
The intent of RESPA is very important to consumers, but businesses will always find a way to mess with the intent.
3,071,489
5,111,821
5,237,958
The industry has its share of unscrupulous people. RESPA is an attempt by unscrupulous politicians to control them!! What a mess!
7,862,367
634,532
4,319,773
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...
1,241,754
2,684,569
# # 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.
5,060,238
Consumer protection, and it's the rule. See what Carol Williams said so well!
4,434,177
5,583,328
1,466,257
Minnette Olsen RESPA insures the consumers get fairly treated during the settlement process.