[1]New Regulations Intended to Protect Consumers.
More than 80 real estate professionals, including a handful of loan originators, learned about a new government program intended to reduce fraud in the mortgage lending industry at a course entitled “Mysteries of the New HUD Revealed,” held recently at the Polo Grill/Fete Ballroom in Lakewood Ranch. Presented by CornerStone Title, the seminar reviewed the new Real Estate Settlement Procedures Act (RESPA) which went into effect in January.
[1]“Real estate professionals need to know how to best explain transaction fees in order for consumers to be confident in their purchase,” said sponsor Mary Howard of CornerStone Title. “This course helped them understand these changes so they can be a better resource and adviser to their clients.”
“The government wants to create an even playing field, reduce bad loans and enable consumers to shop for mortgages easily,” said speaker Victoria Behm, Underwriting Counsel for Stewart Title Guaranty Company of Tampa. Behm explained the new Good Faith Estimate (GFE) and HUD-1 settlement forms, which are intended to reduce fee proliferation and make itemization clear and easy to understand for consumers.
The course was approved for three hours of continuing education credits.
Photo Left to Right: Amber Thomas, speaker Victoria Behm and sponsor Mary Howard
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