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Old 10-01-2007, 07:37 PM
eastbay eastbay is offline
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Default 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
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Old 10-01-2007, 07:46 PM
SossMan SossMan is offline
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Default 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
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Old 10-02-2007, 11:03 AM
eastbay eastbay is offline
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Default 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
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Old 10-02-2007, 11:19 AM
SteveOMS SteveOMS is offline
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Default 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
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Old 10-02-2007, 01:47 PM
maxtower maxtower is offline
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Default 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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