PUBLIC SUBMISSION | As of: November 20, 2009 Tracking No. 803fbbba Comments Due: May 13, 2008 |
Docket: HUD-2008-0028
FR-5180-P-01
Real Estate Settlement Procedures Act (RESPA): Proposed Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs
Comment On: HUD-2008-0028-0001
FR-5180-P-01: Real Estate Settlement Procedures Act (RESPA): Proposed Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs
Document: HUD-2008-0028-0008
Comment Submitted by Mary Jane Zeigler, Coryell County Land & Abstract Company
I think the "script" needs to be completed by the lender and delivered to the
borrower and executed BEFORE THE CLOSING and then the docs needs to
match the script.
One problem we confront on a daily basis is that the documents which typically
arrive for closing at the very last minute, do not match what the borrower has
contracted for or is expecting.
It doesn't solve the waste of the closing agent's time when they have to revise
closing docs while the borrower is sitting at the closing table, or when they have to
return for another closing. Closing agents are not compensated for multiple
downloads of documents or duplication of effort required for lender to redraw and
send docs.
Borrowers need to acknowledge that they know what they have contracted for and
lenders need to disclose all details BEFORE the actual closing. Then the docs
need to match the disclosure.
Maybe what we really need is to encourage people to borrower less, rather than
borrowing the maximum amount under credit conditions which might not last. If
borrowers were required to have more equity in their collateral, there would not be
as many foreclosures.