Real Estate Settlement Procedures Act: Hearings Before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred First Congress, Second Session, August 8, September 18, 1990, Volume 4 |
From inside the book
Results 1-5 of 97
Page 2
... potential impact , both beneficial and otherwise , on the con- sumer . The computerized services that are accessed through a computer terminal placed in a real estate office is , of course , as in other as- pects of financial ...
... potential impact , both beneficial and otherwise , on the con- sumer . The computerized services that are accessed through a computer terminal placed in a real estate office is , of course , as in other as- pects of financial ...
Page 10
... potential abuses in any industry . Congress met this responsibility with respect to the real estate settlement serv- ices industries in 1974 by enacting RESPA . We strongly support RESPA's original goals to provide consum- ers with more ...
... potential abuses in any industry . Congress met this responsibility with respect to the real estate settlement serv- ices industries in 1974 by enacting RESPA . We strongly support RESPA's original goals to provide consum- ers with more ...
Page 13
... potential consumer abuses from these practices . At- tachment 6 to my testimony rebuts their arguments in detail , but I would also like to emphasize that there are potential safeguards to protect the consumer from unscrupulous tactics ...
... potential consumer abuses from these practices . At- tachment 6 to my testimony rebuts their arguments in detail , but I would also like to emphasize that there are potential safeguards to protect the consumer from unscrupulous tactics ...
Page 22
... potential flaws and the poten- tial difficulties for the originator and not being as careful in incen- tivizing because they get a small fee . I would argue that the mortgage brokerage has the same risk , their officers are paid on a ...
... potential flaws and the poten- tial difficulties for the originator and not being as careful in incen- tivizing because they get a small fee . I would argue that the mortgage brokerage has the same risk , their officers are paid on a ...
Page 24
... sales commission , and to exert influence to direct the use of one lender over another , as well as potentially generating a referral fee paid by the borrower .. 99 This draft was written by the non - political appointees 24.
... sales commission , and to exert influence to direct the use of one lender over another , as well as potentially generating a referral fee paid by the borrower .. 99 This draft was written by the non - political appointees 24.
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Common terms and phrases
additional affiliated Association of Realtors banking benefits borrower pay brokerage business incident buyer Chairman GONZALEZ charge Citibank CLO system Coldwell Banker commenters compensation competition computerized loan origination conflict of interest Congress consumer controlled business arrangement Development disclosure dual agency escrow Estate Settlement Procedures faith estimate Federally related mortgage fiduciary financing franchisees homebuyers HUD-1 settlement statement HUD's industry interest rates involved issue kickbacks lender loan application loan origination systems loan products Mortgage Bankers Association mortgage lenders mortgage origination Mortgage Power MortgagePower offer opinion letters percent person potential programs prohibited proposed rule protection purchase real estate agents real estate broker/agent real estate brokers Real Estate Settlement receive referral fees regulatory related mortgage loan relationship Section seller service providers settlement costs Settlement Procedures Act settlement service steering Subcommittee on Housing sumer thing of value title insurance violation
Popular passages
Page 346 - System, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
Page 353 - Any action under this section may be brought in any United States district court, or in any other court of competent jurisdiction, within one year from the date of the occurrence of the violation.
Page 353 - ... in the prescribing of rules and regulations thereunder, or in securing information to serve as a basis for recommending further legislation concerning the matters to which this title relates.
Page 395 - No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person.
Page 346 - No provision of this title imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or interpretation thereof by the...
Page 351 - The franchisor exerts or has authority to exert a significant degree of control over the franchisee's method of operation, including but not limited to, the franchisee's business organization, promotional activities, management, marketing plan or business affairs; or (2) The franchisor gives significant assistance to the franchisee in the latter's method of operation, including, but not limited to, the franchisee's business organization, management, marketing plan, promotional activities...
Page 340 - Affairs, the Federal Home Loan Bank Board, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Secretary of Agriculture.
Page 351 - fractional franchise" means any relationship, as denoted by paragraph (a) of this section, in which the person described therein as a franchisee, or any of the current directors or executive officers thereof, has been in the type of business represented by the franchise relationship for more than 2 years and the parties anticipated, or should have anticipated, at the time the agreement establishing the franchise relationship was reached, that the sales arising from the relationship would represent...
Page 148 - USC § 41 et sea., the Commission is charged with preventing unfair methods of competition and unfair or deceptive acts or practices. The staff of the Federal Trade Commission, upon request by federal, state, and local governmental bodies, regularly analyzes regulatory proposals to identify provisions that may impede competition or increase costs without providing countervailing benefits to consumers. For several years, the Commission staff has examined the competitive effects of various restrictions...
Page 370 - In accepting employment as an agent, the Realtor pledges himself to protect and promote the interests of the client This obligation of absolute fidelity to the client's interest is primary, but it does not relieve the Realtor from the obligation of dealing fairly with all parties to the transaction.