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 |
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Page 12
... rule suggested that a dis- count on a package of settlement services might violate RESPA even though a consumer ... rules on how mortgages can be offered . Finally , in the absence of any clear guidance from HUD and the courts , many ...
... rule suggested that a dis- count on a package of settlement services might violate RESPA even though a consumer ... rules on how mortgages can be offered . Finally , in the absence of any clear guidance from HUD and the courts , many ...
Page 16
... rule to say we want to stop the 21st century from arriving . We want to stop the move of computerization and speed . We want to keep competition out of the marketplace . I would ask you , Mr. Chairman , this subcommittee and the House ...
... rule to say we want to stop the 21st century from arriving . We want to stop the move of computerization and speed . We want to keep competition out of the marketplace . I would ask you , Mr. Chairman , this subcommittee and the House ...
Page 23
... rules from us , that even if we had some agreement in the conference , we can't guaran- tee the ultimate product as it will come back to either house for a vote . It is our hope that we will let some of these issues be developed and ...
... rules from us , that even if we had some agreement in the conference , we can't guaran- tee the ultimate product as it will come back to either house for a vote . It is our hope that we will let some of these issues be developed and ...
Page 24
... rule , dated December 7 , 1988 , re- versed the position that HUD had taken in private opinion letters and prohibited the payment of referral fees . I would like to read from the preamble of the proposed regulation : " ... It was ...
... rule , dated December 7 , 1988 , re- versed the position that HUD had taken in private opinion letters and prohibited the payment of referral fees . I would like to read from the preamble of the proposed regulation : " ... It was ...
Page 25
... rule from being published . In the last 18 months Secretary Kemp has moved decisively to reform HUD , to purge the Department of past abuses and question- able practices . We congratulate him on this move . However , we believe he ...
... rule from being published . In the last 18 months Secretary Kemp has moved decisively to reform HUD , to purge the Department of past abuses and question- able practices . We congratulate him on this move . However , we believe he ...
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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.