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Escrow Issues and Servicing Transfers Dominate RESPA Complaints.(Real Estate Procedures Settlement Act)(Brief Article)
Two out of every five complaints alleging violations of the Real Estate Procedures Settlement Act involve servicing issues rather than settlement services, according to the government's chief RESPA enforcement officer.
Fully 40% of the grievances received by the Department of Housing and Urban Development's Departmental Enforcement Center deal with such topics as transfers of servicing and tax and insurance payments that were not paid in a timely manner, Rebecca Holtz told the Real Estate Service Providers Council's annual conference here last week.
Ms. Holtz, who served as director of RESPA's Interstate Land Division until December, is working to create a RESPA enforcement division. Section 6 of the law covers servicing.
By contrast, only 30% of the allegations are about kickbacks and other irregularities under the statute's better known Section 8.
For the most part, the complaints come from lenders, title companies, real estate brokers and other professionals who maintain that their competitors have initiated referral programs that "create a unfair playing field," Ms. ...
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