WACO to Offer RESPA Seminar
by October 19, 2009 12:00 am 57 views
WACO Title said it will offer a seminar on the topic of Real Estate Settlement Procedures Act reform and compliance on Nov. 2 at the Shewmaker Center in Bentonville.
RESPA, enacted by Congress in 1974, is a federal consumer disclosure designed to inform consumers of their settlement costs and to prohibit certain practices, such as referral fees between settlement service providers, that result in higher costs to consumers.
The RESPA was recently amended, with changes becoming effective Jan. 1, 2010.
The U.S. Department of Housing and Development is requiring that loan originators provide borrowers with a standard Good Faith Estimate that discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement.
Matt Kendall, Chief Operating Officer of WACO, said the seminar is recommended for anyone who is involved with the local real estate market.
“We believe this is an important change in the way real estate transactions are conducted” he said.
Presenting at the Northwest Arkansas seminar will be Mary Schuster, Director of Operations, at RamQuest Inc. Schuster is a national speaker on RESPA reform and compliance and has worked as a commercial real estate closer in the Northwest Arkansas market.