RESPA Reform - It's a Business Change, Not Just a Form Change

It was said last week at the Minnesota Land Title Association convention, and we've said it here for months; that RESPA Reform brings our industries more than mere form changes.  RESPA Reform represents a fundamental change in the way we do business.  Funny thing about Change, everyone wants Change yet no one wants to Be Changed.  If you're reading this blog, you probably understand many of the changes that RESPA Reform carries within it.  What should you be doing now?
 
I talked with a progressive title company yesterday who is well versed on RESPA Reform issues.  They are holding strategy meetings with key managers and formulating their RESPA Ready plan.  They're already updating their software systems to 2010 compliant versions (they have a RESPA Ready software vendor).  They're building and executing a 2 prong internal training plan 1st covering RESPA 101 issues for everyone in their organization involved in quoting fees or conducting settlements and 2nd training staff on the new software.  They are also taking RESPA Reform outside their house by opening dialogue with their lender partners and real estate agents, because they realize that internal preparedness is only part of the equation.  They're taking a smart incremental approach and they're doing it now.  They realize that a last minute panic at the end of the year won't get them where they need to be. 
 
Implementation decisions are being made now in your marketplace.  You can either lead the discussions from your seat at the table, or wait to see what's left over for you to service.  It's your choice.  But you're here, which means you are proactive.  So if you haven't yet - get going!  And don't be afraid to call in someone for help in crafting your plan.  Find a RESPA expert (we know of a few if you need a referral) and get busy!  And remember,
"Past success stories are generally not applicable to new situations. We must continually reinvent ourselves, responding to changing times with innovative new business models." – Akira Mori