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QMS provides full term Home Valuation Code of Conduct (HVCC) compliance through its HVCC Reporting for the investor and agencies.
HVCC Reporting
RESPA FAQ's
For QC Managers
Industry Associations
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Real Estate Settlement Procedures Act (RESPA)
FAQS
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Per RESPA, first passed in 1974, HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement. New RESPA regulations were published November 17, 2008 and are scheduled to take full effect on January 1, 2010. The "New RESPA Rule FAQs" were comprised from industry questions and should provide answers to most if not all of your questions. The links below will take you to the official HUD website.
RESPA is about closing costs and settlement procedures, and is enforced by HUD. RESPA requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that increase the cost of settlement services. RESPA is a HUD consumer protection statute designed to help homebuyers be better shoppers in the home buying process. The links below will take you to the official HUD website.
Contact us to learn how Quality Mortgage Services can help you be prepared for all of your regulatory compliance needs.
Quality Mortgage Services, LLC
1646 Westgate Circle, Suite 106
Brentwood, TN 37027
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Phone: (615) 591-2528
Fax: (615) 591-2687
E-mail: info@qualitymortgageservices.com
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