RESPA Compliance

The new RESPA regulations have jarred the mortgage industry, but Closeline Settlements continues to maintain a positive and proactive approach to ensure no last minute surprises at the settlement table.

What is RESPA?

The RESPA Act, or Real Estate Settlement Procedures Act, is a consumer protection statute passed by the U.S. Congress in 1974, which aims to regulate the real estate settlement process. These laws continue to be updated by congress over time, and Closeline Settlements employs attorneys who ensure all of our clients transaction are compliant with these laws.

New regulations require that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs. The stated numbers cannot change, within a certain tolerance, and must match the new HUD-1 settlement statement provided at closings.

Closeline Settlements operates in 40 location across the U.S. So, we are able to help clients all over the country to operate within RESPA requirements.

It is vitally important that closing companies truly understand these new RESPA regulations and can effectively meet the new requirements. As a reputable settlement partner, Closeline has always been committed to accuracy, timeliness and technology in order to maintain their high level of expertise and customer service.

Closeline Settlements is committed to giving its customers the most-accurate quotes. To provide an accurate GFE, originators must have an exact quote of all closings costs, including title services, title insurance, taxes and recording. Closeline is committed to accurate fee estimates and guarantees our fees will not change on settlement day. Mortgage brokers and lender can feel confident that the quote they receive will be within tolerance at closing or Closeline pays the difference.

Closeline Settlements guarantees quick turnaround time for all paperwork changes. Any change over and above the tolerance percentage requires that a new GFE be issued. In addition to obtaining an accurate GFE, borrowers now must also receive a new HUD-1 settlement statement that clearly compares final and estimated costs. The HUD-1 must be available to the borrower at least 24 hours before the closing appointment. Ultimately, paperwork changes can lead to long delays.

Closeline Settlements is dedicated to innovative online capabilities to streamline and speed up processes. We deliver accurate closing costs quickly and efficiently with our online settlement system. Our Web based quote calculator provides instant quick quoting capabilities for all title services. Closeline also offers a “fees only” order option, which provides loan originators with a complete preliminary HUD-1 without formally placing a full title order.

Closeline Settlements guarantees all closing cost estimates and ensures that if all information is consistent on the lending end, the closing estimate will remain the same. This will save time and headaches in the days leading up to the actual closing, and avoid endless worry about RESPA violations.

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