mschuster's blog

But that does not mean we can hit the snooze button for the next 120 days – we have to keep moving forward! The implementation date of January 1, 2010 is still effective. Today’s announcement from HUD is just giving those making “a good faith effort to comply with RESPA’s new requirements” and working to make this implementation work a little breathing room to work through the initial stages of this implementation. Here is a link to HUD's press release issued earlier today on this.

What a great turn out for First American's CE sessions Tuesday and Wednesday in Jackson and Gulfport MS.  The 6 hour CE session kicked off with none other than RESPA Reform.  The 200 attorneys and staff in attendance were fully engaged in the learning opportunity!  We discussed not only the fundamentals of RESPA Reform, but also took steps to begin modernizing their businesses.  They reported having received surveys from lenders asking for confirmation of the settlement agent's ability to deliver 2010 compliant settlements.  Go First American and Go Mississippi Agents!

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.

Many of you have asked how to effectively voice your opposition to the proposed CFPA. The US Chamber has mounted a campaign and provided you with easy links to make your voice heard. Click here to join in. When you respond to the call to action, you will also receive updates to the e-mail address you provide, allowing you to stay up to date on the Chamber’s CFPA initiatives.

At every RESPA Reform seminar we teach and especially at ALTA's Annual Conference last week, the burning question was "What Do Lenders Want and When Do They Want It?"  Wells Fargo has announced that December 5th is their Go Live date for 2010 GFEs (loan applications taken on or after Dec 5).  Wells Fargo is leading the way ...

HUD has once again added more updates to its FAQ list, so follow this link to the HUD website to download and view what has been updated from previous FAQ lists.  The implementation date is moving closer and closer...so take a look at these questions and answers to help you on your path to becoming RESPA Ready!

HUD responded to the Mortgage Bankers Assocation's (and others) request for a delay in implementation, restating HUD's commitment to going forward with the Jan 1, 2010 date.  If you haven't yet seen the letter from MBA, it is linked here.  Also, here is a copy of HUD's letter in response.  And finally, here's the opinion of one blogger at CBS News.  Yep, RESPA Reform is in the air.

T-Minus 76 days and counting!
 
Knock Knock! .... Who's There?      Orange!.....  Orange Who?        Orange You Glad You're RESPA Ready!?!

ALTA President Mike Pryor testifies on your behalf before Congress about issues that impact your business including:  RESPA Reform, the CFPA and extending the homebuyer tax credits.  Watch here on YouTube!  Thanks Mike!

Many of you have written to say you really love the RESPA whitepaper A Proactive Approach to RESPA Reform.  You asked for additional resources to share with your staff, customers and prospects as we move through this implementation period.  I'm pleased to announce a second RESPA whitepaper is now available for download.  RESPA Reform Readiness, a whitepaper and action plan is

In Colorado Springs and Loveland, CO, staff and customers attended RESPAReady educational events hosted by ET Investments.  We had some great discussions and took on many interesting topics including "how in the heck are mortgage brokers going to earn revenue in a post  RESPA reform world?".  Answer, they won't be receiving yield spread premium dollars any longer - all of their origination, processing and administrative fees will now need to be included in line 801 of a 2010 HUD form (along with the lender's origination fees).  We talke