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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Common terms and phrases
additional affiliated Association of Realtors banking benefits borrower pay brokerage business incident buyer Chairman GONZALEZ charges Citicorp CLO system Coldwell Banker commenters compensation competition computerized loan origination conflict of interest Congress consumer controlled business arrangement customers Development disclosure dual agency escrow Estate Settlement Procedures faith estimate Federally related mortgage fees paid fiduciary financing franchisees homebuyers HUD-1 settlement statement HUD's industry interest rates involved issue kickbacks legislative lender loan application loan origination systems loan products Mortgage Bankers Association mortgage lenders mortgage origination MortgagePower offer opinion letters percent person potential programs prohibited proposed rule protect purchase real estate agents real estate broker/agent real estate brokers Real Estate Settlement receive referral fees regulations related mortgage loan relationship RESPA Section seller settlement agent settlement costs Settlement Procedures Act settlement service steering subagency sumer thing of value title insurance violation
Popular passages
Page 342 - Significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of United States-based enterprises to compete with foreign-based enterprises in domestic or export markets.
Page 351 - ... 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 393 - 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 351 - 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 368 - 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.
Page 199 - ... pests or organisms. Physical inspection Home inspection; examination of the general physical condition of a property's site and structures. Planned unit development PUD; a subdivision in which the lots are separately owned but other areas are owned in common. Points Discount points, loan discount fee; a one-time charge by the lender to adjust the yield on the loan to current market conditions or to adjust the rate on the loan to market rate. Each point is equal to 1 percent of the loan balance....
Page 149 - For purposes of subsection (a), the term 'federally related mortgage loan' means any loan which — " ( 1 ) is secured by residential real property designed principally for the occupancy of from one to four families; and "(2) (A) is made in whole or in part by any lender the deposits or accounts of which are insured by any agency of the Federal Government, or is made in whole or in part by any lender...
Page 351 - In addition to other penalties provided by law, be guilty of a misdemeanor and. upon conviction thereof, be fined not more than $10.000, or Imprisoned for not more than one year, or both, together with the costs of prosecution.
Page 346 - HUD-1 and do not require prior HUD approval: size of pages; tint or color of pages; size and style of type or print; vertical spacing between lines or provision for additional horizontal space on lines (for example, to provide sufficient space for recording time periods used in prorations); printing of...
Page 149 - Competitive forces in the conveyancing industry manifest themselves in an elaborate system of referral fees, kickbacks, rebates, commissions and the like as inducements to those firms and individuals who direct the placement of business. These practices are widely employed, rarely inure to the benefit of the home buyer, and generally increase total settlement costs.