Hearing held by the Subcommittee on Housing and "Real Estate Settlement Procedures Act (RESPA)" Question for Mr. Stan Gordon from Chairman Henry B. Gonzalez: IN YOUR TESTIMONY, YOU STATE THAT THE REAL ESTATE BROKERS INCUR COSTS IN USING THE COMPUTERIZED LOAN ORIGINATION SYSTEMS WHICH GIVES RISE TO THEIR NEED TO RECEIVE REASONABLE COMPENSATION. PLEASE DETAIL THE EXPENSES PER APPLICATION THAT THE REAL ESTATE BROKERS INCUR. IF THE OVERHEAD EXPENSES ARE FIXED, THEN WHAT ARE THE VARIABLE EXPENSES PER APPLICATION ? Hearing held by the Subcommittee on Housing and "Real Estate Settlement Procedures Act (RESPA) " Question for Mr. James M. Merrion from Chairman Henry B. Gonzalez: ARE COMPUTERIZED ORIGINATED LOANS AS MARKETABLE IN THE SECONDARY MORTGAGE MARKET AS OTHER LOANS OR ARE PROBLEMS RAISED BY THE ROLE OF REAL ESTATE BROKERS IN THE LOAN APLLICATION AND APPROVAL PROCESS? Hearing held by the Subcommittee on Housing and "Real Estate Settlement Procedures Act (RESPA)" Questions for Mr. Norman D. Flynn from Chairman Henry B. Gonzalez: HOW DO THE FINANCING TERMS UNDER COMPUTERIZED LOAN SYSTEMS COMPARE TO TERMS THAT HOMEBUYERS CAN OBTAIN WITHOUT THE PROGRAM SYSTEM. DO YOU HAVE HARD DATA WHICH WOULD SHOW THAT THE TERMS ARE THE SAME, REGARDLESS OF WHETHER THE HOMEBUYER IS REFERRED TO A COMPUTER SYSTEM OR NOT? IT IS IN THE INTEREST OF THE REALTOR TO SPEED THE PROCESSING OF THE LOAN WHILE AT THE SAME TIME UPHOLDING HIS FIDUCIARY DUTY TO THE SELLER TO FIND A QUALIFIED BUYER WHO CAN OBTAIN FINANCING ONCE THESE COMPUTERIZED LOAN SYSTEMS ARE IN PLACE, WHAT RULES ARE IN PLACE TO ASSURE THAT THE BUYER WILL OBTAIN THE BEST TERMS POSSIBLE AND NOT SIMPLY THE FASTEST TERMS POSSIBLE? DOES THE BROKER HAVE ANY FIDUCIARY DUTY TO THE BUYER WITH RESPECT TO THE BEST POSSIBLE TERMS ? |