Builders, affiliated lenders, and RESPA
Is it legal for a builder to offer a closing cost incentive to only their affiliated lenders under RESPA? I figured we had enough real estate professionals to know the answer to this one. eastbay |
Re: Builders, affiliated lenders, and RESPA
[ QUOTE ]
Is it legal for a builder to offer a closing cost incentive to only their affiliated lenders under RESPA? I figured we had enough real estate professionals to know the answer to this one. eastbay [/ QUOTE ] It is legal for now. Various lobbying groups are pushing to do away with it, though. http://realtytimes.com/rtcpages/2006...incentives.htm |
Re: Builders, affiliated lenders, and RESPA
Thanks, Soss. I also confirmed this on the HUD website. The mortgage business is slimy as hell. I've been told so many lies in the past two weeks while shopping around for a mortgage, it's starting to piss me off. eastbay |
Re: Builders, affiliated lenders, and RESPA
It's legal in almost all (if not all??) states. This is a local state law right now and not fed so you'd have to check your area
Steve |
Re: Builders, affiliated lenders, and RESPA
eastbay,
I had a friend get a relatively painless mortgage through ING at a good rate. There were fewer fees than the local loan sharks were offering too. You might try them. He had no problems. Max |
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