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Old 07-23-2015, 06:33 PM
 
944 posts, read 1,186,991 times
Reputation: 661

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I was trying to make heads or tails out of what you wrote above and if it was complicated before for us who have no idea, it looks even more complicated now - heck, just keeping track of the new acronyms is a pain

Seriously tho, this does look complicated and in the end, who suffers? The buyers, the realtors, the attorneys? It'll get even harder to buy/sell?
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Old 07-23-2015, 06:40 PM
 
Location: Madison, AL
3,297 posts, read 6,268,242 times
Reputation: 2678
We ALL suffer!


Buyers will suffer from higher costs and more risk of closings being delayed. They will benefit because they will get their closing statement at least three days prior to closing. Wow....would have been so super simple to just change RESPA regulations.

Attorneys are getting hit hard by this. They are having to jump thru some pretty crazy hoops to conform and it is costing them BIG BUCKS. Thus, buyers get to foot THAT bill.

Realtors won't really "suffer"....some of us will have to just change the way we handle transactions. It seems procrastination is a common trait amongst some in my profession which already causes chaos towards the end.....it will be even worse under these new regs. I'm the opposite....I want everything done YESTERDAY so it drives me bat crazy to have to deal with agents who drag their feet. I have very little patience when dealing with a foot dragger.

I don't see it having a detrimental effect on the housing market....as long as everyone involved does their job we'll adjust, but there will be some bumps, anytime something this big comes down that is unavoidable. Its all about logistics.

One thing on the new closing disclosure that was added....on the "truth in lending" part it also now shows the PERCENTAGE of interest paid when the loan term is fully amortized. One the one I have it shows like 69% As if TILA wasn't a scary enough document!

The scariest part will be for lenders and attorneys. ANY little "blip" and CFPB will be levying fines. They are literally borderline extortionists IMO. RealtySouth just settled for over $500k for the MOST STUPID thing I have ever heard...but it would cost them three times that to fight CFPB. I think it is JP Morgan Chase that is actually fighting them over something but that is a HUGE bank. Most are just paying the fines (and I mean 6 figure fines) because the alternative is worse. CFPB runs off taxpayer dollars but also is self funded....so the more money they make off fines, the bigger they can get. Sounds great, right?

Last edited by LCTMadison; 07-23-2015 at 06:53 PM..
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Old 07-23-2015, 08:56 PM
 
944 posts, read 1,186,991 times
Reputation: 661
Just wow...
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