The Real Estate Settlement Procedures Act (RESPA) was enacted in 1975. The federal statute was introduced to stop malpractice and restrict the usage of escrow accounts in the real estate settlement process.

Who regulates RESPA?

Once RESPA became effective in 1975, it was under the jurisdiction. Ever since its inception, the Act has undergone several amendments and changes. However, after 2011, the Consumer Financial Protection Bureau monitored RESPA due to the Dodd-Frank Wall Street Reform and Consumer Protection legislation.

What is the objective of RESPA?

The primary objective of this federal statute is to make consumers aware of settlement costs and eradicate referral fees that increase mortgage costs.

RESPA- Key features

1. The seller and the buyer will get complete settlement cost disclosures.

2. The Act applies to all kinds of home loans like:

●   Property improvement loans

●   Refinance loans

●   Equity line of credit

●   Purchase loan

●    Reverse mortgage

3. Home loan servicers, mortgage lenders, and brokers have to provide the following disclosures to the home buyers:

●   Consumer protection laws

●   Real estate transactions

●    Settlement services

4. Loan servicers cannot demand massive escrow accounts.

5. Sellers cannot endorse or instruct title insurance companies.

6. Any kickbacks and referral fees are prohibited.

7. The servicer of the loan should itemize the charges a borrower has to pay and report the total amount paid from the escrow account.

8. If there is any violation of the RESPA laws during the settlement process, the plaintiff can file a lawsuit within a year.

What kind of information should you get from the mortgage lender?

• RESPA mandates mortgage brokers, lenders, and services to provide all the information about the real estate transaction to borrowers. They must tell borrowers how much they need to pay for the total settlement service charges.

• Lenders must provide the borrowers with a disclosure (known as the Good Faith Estimate). They have to list a variety of charges here.

• The disclosure should contain a summary of the loan, contact details of the lender, important dates, escrow account information, settlement charges, and so on.

• The lender must disclose to the borrower within three business days. However, if the application is rejected or the borrower withdraws it, the lender does not have to provide a good faith estimate.

• Mortgage lenders cannot charge any fee to the borrower for providing the good faith estimate. If they charge a fee, it shouldn’t be more than what consumers pay for a credit report.

• Mortgage lenders must provide an affiliated business arrangement disclosure when they refer you to an affiliate for settlement service.

• If there is a business relationship between third parties involved in the settlement process, that has to be mentioned to the borrower.

• Servicers of the loans should maintain a proper procedure to contact the borrowers.

• The servicer must analyze the escrow account annually to determine if there is a surplus or deficit.

• If there is any deficit in the account, the servicer should inform the borrower.

What should the borrower do if lenders violate RESPA?

Borrowers can file a lawsuit against mortgage lenders for RESPA violations within a year of committing the act. If there is any improper behavior during the settlement process, borrowers can take the following steps:

●   Send a written letter to the loan servicer. Explain your problem in detail.

●   According to the law, the servicer must reply within 20 days of receiving your letter.

●   The servicer must resolve your issue within 60 business days of receiving your complaint. If the servicer feels there is no discrepancy, they have to give you valid reasons.

●   Continue making monthly payments to the servicer until the issue is resolved.

●   If the servicer does not take any step to resolve the issue, you can file a lawsuit against them.

●     Check if there is a federal district court where the property is located or if the dispute has occurred. If you find one, you can file a lawsuit there.

Conclusion

RESPA has been a boon in disguise for consumers and has curbed malpractices in the mortgage industry to some extent. It would be good if the federal government introduced something like this to reduce fraudulent practices in the payday loan debt settlement industry. Many people are getting scammed yearly due to the lack of stringent laws.

Finally, the law does not mandate that you consult a lawyer during the real estate settlement process. If you find malpractice, it is best to consult a lawyer ASAP. The lawyer knows the nitty-gritty of RESPA, and you can expect to navigate the legal process smoothly.

About the Author: Lyle Solomon has extensive legal experience, in-depth knowledge, and experience in consumer finance and writing. He has been a member of the California State Bar since 2003. He graduated from the University of the Pacific’s McGeorge School of Law in Sacramento, California, in 1998 and currently works for the in California as a principal attorney.

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Whether you’re early in your career or a long-time renter, there are many reasons why you may want to consider renting or buying a home. Here are some questions to ask yourself when debating whether to rent or buy your next home.

Are you financially able to buy?

Perhaps the most important question to consider is if you are currently financially able to buy a home. Calculate your current monthly expenses, debt and bill payments, and priorities (such as vacationing and retirement funds). Then, consider how much you currently pay on housing every month and see if you are able to pay a mortgage instead, without losing money in the process. If you are currently financially stable and you are able to stay that way if you buy a home, then buying may be a practical decision for you. But if buying a home would negatively impact your finances, it could be something to reconsider.

Are you looking to live there long term?

Another question to ask yourself is whether you are looking for a long-term home. Do you see yourself living in the same home for five years or more? Is long-term housing what you are looking for, or is there another reason why buying a home is appealing to you? Analyzing your reasons behind wanting to rent or buy may help you decide whether a long-term housing option is the best for you.

How is the housing market today?

Your experience buying a home can vary depending on the current state of the housing market. If you purchase a home at the wrong time, you may end up losing money when you decide to sell the home later on. Do some research to figure out the state of the housing market and consult a realtor who can help you decide when the optimal buying time would be for you.

Is a mortgage cheaper than renting?

Just as you need to consider your financial capabilities when looking to buy or rent, you also need to figure out whether a mortgage is less expensive than renting. You could be considering the purchase of a home with a mortgage far less than what you are currently paying in rent. If that is the case, buying may be the best option for you, both now and in the long run. However, if you find out that your rent would be far less expensive than your mortgage payments, buying may not be the best financial decision.

Are you looking for ease or stability?

Are you someone who likes to move easily, or do you like the stability of owning a home? Buying and renting each present their benefits and it is important to compare them with what your current priorities are. If you like the idea of being able to move quickly and not feeling obligated to stay in one place, for an extended period of time, renting may be the best lifestyle choice for you. If you are someone who likes the stability of owning a home and the permanence of living in one place for many years, buying could be up your alley. Consider what you value in a living situation and compare that to the costs and benefits of renting and buying.

No matter what stage you are in the moving process, consider these questions before you decide whether renting or buying is right for you.

This post is intended for informational purposes only and should not be taken as professional advice. The point of view and opinions expressed in this post are those of the author and do not necessarily reflect the position of �ʹ�����app International. This post was written by Bailee Abell.��Bailee Abell is a writer born and raised in California. A graduate of University of California, Santa Barbara, she loves reading classic literature, sipping warm beverages, and visiting theme parks every chance she gets. Find her at .��

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�ʹ�����app International announced today that it has expanded its partnership with Zillow, Inc., the leading real estate and rental marketplace in the U.S., to include listings from their Canadian franchises. The Canadian listings from �ʹ�����app will drive unprecedented global exposure to Canadian homes for sale to the millions of home shoppers that visit Zillow every month.

“�ʹ�����app has always valued providing an optimal real estate search experience on our proprietary sites, therefore partnering with Zillow, who shares the same consumer-centric perspective, was a natural fit,” said David Tedesco, CEO of �ʹ�����app International. “Our partnership with Zillow will change the way consumers search for properties in Canada, making it easier for Canadian consumers to search for homes in the U.S. and Canada, as well as U.S. buyers to search for properties in Canada.”

Listings on Zillow® from �ʹ�����app International can include a description of the property, photos and the listing agent’s contact information so home buyers can easily find more information about the home or connect with a local real estate agent for next steps. Listings can also include the company logo, description and a short video.   

“In the U.S., our industry partners have seen Zillow become a key part of driving maximum exposure for their listings,” said Errol Samuelson, Zillow Group Chief Industry Development Officer. “It’s exciting to us that �ʹ�����app International will be able to extend this benefit to their Canadian teams.”

# # #

About �ʹ�����app Intl. Svcs. LLC

Established in 1965, �ʹ�����app International is one of the largest and most established real estate franchise systems in the world, with over 8,000 agents and 500 offices globally. The company offers disruptive pricing models particularly attractive to top performing agents. Its unrivaled mobile technology, business tools, training and concierge service are coupled with protected territories and financing for qualified franchisees. The Scottsdale-based, privately held company has been ranked as a leader in the real estate industry by publications like Entrepreneur, Success and Inc. magazines. For additional company information visit www.RealtyExecutives.com.

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Is it time to purchase your first home?  Owning your own home may offer many advantages including building equity, qualifying for tax deductions, and having a place to call your own. It also requires a level of financial and emotional readiness.  Evaluating your position in each of the following categories can help guide you as you make this important decision.

Monthly Finances

Purchasing a home is a big financial decision. In addition to making mortgage payments you also have to factor in additional costs such as taxes, homeowner’s insurance, homeowner’s association fees, city assessments, and household repairs. Mortgage companies use a debt to income ratio (DTI) to determine loan eligibility.

The debt to income ratio involves taking your. In most cases, 43% is the maximum DTI you can get approved for a qualified mortgage. However, many financial experts agree that the recommended number should actually be closer to 36%. This gives you added room for fluctuating income levels and unexpected household or life expenses. Paying off credit card debts, auto loans, and student loans can decrease your DTI and bring it to a more comfortable number.

Immediate Payments

In addition to considering the monthly mortgage and maintenance costs, is also important to consider the immediate costs of purchasing a house. In order to close on the sale of a house, you will have to pay additional fees like inspection, down payment, and closing costs. You also have to factor in moving costs and any needed repairs before moving in.

Credit Score

Credit score is just one of the factors considered when applying for a mortgage. While an approval will allow you to take out a mortgage, it does not necessarily mean that you are ready to purchase. Lower credit scores can qualify for lending, but at much higher of interest rates. Higher interest rates can significantly increase your monthly payment. Improving your credit score can help prepare you for purchasing a home at a monthly payment that you are comfortable with.

Ability to Complete Maintenance

Homes require preventative maintenance and regular upkeep. Some of these preventative tasks can be completed on a DIY basis,. Either way, it is important to know how to handle a housing emergency. Do you know how to handle a leaking pipe? Do you have the available resources to quickly fix a household problem? Responsibilities of homeowners differ from the maintenance responsibilities of renters. Having a savings and emergency fund in place for home maintenance is a proactive move. Your real estate agent can often help connect you with professionals in your area to help keep your home at its best.

The Commitment

Purchasing a home is a longer term commitment compared to renting. The home is financially and legally tied to you, and while this can bring incredible benefits, new responsibilities also come with the decision to buy a home. If you decide to later sell your home, your real estate agent can help you list your home and evaluate purchase offers. It’s important to consider that the real estate market fluctuates and market conditions will impact your home’s re-sale price in the future.

Canadian residents also have, which might be more suited to fit specific commitment needs. While freeholds are the most common type of buying choice, leaseholds allow buyers to lease the land the house sits on. Mortgage co-operatives are also another option that allows buyers to purchase a share within the building.

Some professionals suggest not purchasing a home unless you plan on Additionally, having a secure job that you are committed to is also a factor. You establish the size, cost, and type of the house you purchase based on your current income. If you are changing careers frequently or your job is not reliable enough, this can make it difficult to plan for homeownership.

Choosing the Right Home

If you have evaluated your readiness to buy a home and have decided that you are ready to move forward, it important to choose the right home in the right price range. Choosing a house within your budget will allow you to make payments comfortably without neglecting other important parts of your life. Many homebuyers prioritize homeownership over other expensive purchases like cars and vacations.  But stretching your housing budget too far could lead you to your purchase.  Your real estate and mortgage professionals can help equip you with information and resources to make an empowered choice.

Purchasing your first home can be a rewarding and thrilling experience. Jumping into home ownership before you are ready can have adverse effects to your finances, credit score, and life goals. It is necessary to evaluate each of the components involved in purchasing a home and ensure that you are ready to take on the responsibilities along with the rewards of buying your own home.

This post is intended for informational purposes only and should not be taken as professional advice. The point of view and opinions expressed in this post are those of the author and do not necessarily reflect the position of �ʹ�����app International.

This post was written for �ʹ�����app by Heather Hardy. Heather is an avid writer who has contributed to numerous blogs and internet news sources.  While she writes on a variety of topics, her specialties include real estate, home improvement, and travel. After obtaining two degrees, Heather has found her passion in writing content that improves both readability and knowledge.

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, multi-generational living is on the rise and an are currently living in a multi-generational household. In Canada, recent census studies show households of three or more generations all living under one roof represent the . There are many economical and familial advantages to multi-generational living. It is important, however, to find a home that is well-suited for every member of the household. Keep these important considerations in mind when buying a multi-generational home.

Organizing Everyone’s Wants and Needs

It can be hard enough for couples to agree on their top priorities when shopping for a home. Shopping for a multi-generational home can prove to be even more difficult, because you have to take multiple families’ wants and needs into account. This is a process of negotiation and compromise. Start the, where everyone feels like they have a say, regardless of age or position in the family.

Make a list of the most important features and then create a separate list of ‘want’ items that are not necessarily a requirement. Compile these needs into a single list and establish how many bedrooms, bathrooms, and living spaces are required for your multi-generational home. This will make the home shopping process easier and will help you communicate exactly what you are looking for to your real estate agent.

Multi-Generational Layout

Living in a multi-generational household often means you will spend a lot of time with your family members. But, there will be times when you will desire privacy. Make sure you choose a layout that gives family member’s sufficient individual space.

For many, the ideal multi-generational house includes different living quarters and more than one family space. A large enough kitchen to hold every family’s groceries is also a great addition. You will also want to consider the parking situation. When you have multiple families living under one roof, it is also likely that you will have numerous vehicles. Make sure you have a large enough driveway or enough garage parking spaces that allow for easy entrance and exit.

Unique Financing

Talk to your real estate and mortgage professionals to discuss your multi-generational home financing options. Typically, there is one primary mortgagor and additional adult’s incomes, credit histories, and assets will be factored under that mortgage. Fortunately, there are programs such as the program that allow additional adults to submit their household income, without officially being on the mortgage.

Insurance

While insurance policies vary from state to state, it is important to consider your home insurance needs for a multi-generational house. In most cases, families’ relative’s belongings home insurance policy.  But, the coverage policy can get tricky if anyone living in the household is not legally a family member. The standard liability coverage also might not be sufficient to handle a multi-generational claim. Always be clear with the insurance provider about your living situation to ensure you have proper homeowner coverage.

Keep Resale Value in Mind

You want to keep resale value in mind when purchasing any type of real estate. Fortunately, there is a and with baby boomers reaching retirement age over the next decade, this demand is likely to stay consistent. The common layout of multi-generational homes has many functionality purposes which also gives them a higher resale value. A few of the open access rooms, suite additions, and private family spaces.

Decades ago, it was the norm for families to live together. Today, that trend is making a comeback and multi-generational households are on the rise. Keep these considerations in mind as you search for your family’s multi-generational home.

This post is intended for informational purposes only and should not be taken as professional advice. The point of view and opinions expressed in this post are those of the author and do not necessarily reflect the position of �ʹ�����app International.

This post was written for �ʹ�����app by Heather Hardy. Heather is an avid writer who has contributed to numerous blogs and internet news sources.  While she writes on a variety of topics, her specialties include real estate, home improvement, and travel. After obtaining two degrees, Heather has found her passion in writing content that improves both readability and knowledge.

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Although buying or selling a home can bring about exciting changes for you and your family, it can introduce stress for your four legged loved ones. As a seller, having strangers coming in and out of your house can be alarming and upsetting to your pets. As a homebuyer, you want your new home to be safe and comfortable for every member of your family – even the furry ones. Whether you’re buying your first home or getting ready to put your house on the market, these pet safety tips for homebuyers and sellers will help make the process easier on you and your pets.

Pet Safety Tips – Buying a Home

• What Kind of Home Best Suits Your Pet? Consider your pet’s current and future needs when viewing potential homes. Is your pet young, old, big, small, a roamer, a digger, a jumper, a chaser?  A young, active pet would appreciate a large yard whereas an escape artist might need a high backyard fence. A mid-life to senior pet could be spared mobility issues later by living in a single story home with no stairs.
• Double Check Outdoor Decor.  Your new home might come with lovely landscaping and an entertainer’s dream yard complete with swimming pool, but is it safe for your dog or cat? Make sure the plants and flowers around your house are , and consider replacing beauty bark and decorative gravel with larger scale materials that are impossible for pets to swallow. Swimming pools and spas pose a grave risk to pets unfamiliar with such things, so make sure they are fenced or covered when not in use.
• Create a Safe Room.  On moving day, it’s easy to lose track of where your pets are in all the bustle and confusion. At your old house, contain your pets in one quiet room where they will be out of harm’s way and unable to escape an open door or gate. Do the same in your new house when transferring your belongings there. For especially nervous or shy pets, you may opt to keep them in the safe room for several days so they can decompress from the stress of all the activity. Before letting pets have free rein of the new house, do one last walk through to make sure nothing dangerous was left in any of the rooms or the yard.
• ID is Crucial.  Many pets become lost in the time period surrounding a move; firstly, because of all the distractions and the many opportunities to escape; and secondly, because they don’t know their new surroundings. If your pet gets lost in your new neighborhood, he may go back to your old neighborhood expecting to find you. If you’re moving cross-country and your pet escapes during the move, he could end up anywhere, which is why it’s so important to have a microchip and visible ID on your pet at all times.

Pet Safety Tips – Selling a Home

• Make Your Pet’s Presence Known. While some home sellers may temporarily relocate to another property while their house is on the market, for many, this isn’t feasible. So make sure your real estate professional knows there is a pet on the premises and ask that this information be included in your home’s listing details. You may also request that agents call first before visiting your property, or show your home by appointment.  Your real estate professional can help you determine the best approach to take.
• Make Yourself Scarce.  When you know you’ve got a potential buyer coming to view your home, it’s a good idea for you and your pets to leave the premises or become as inconspicuous as possible. Take your dog for a walk, or ask a friend or neighbor to temporarily pet sit during the property showing. If your pets must stay in the house, another option would be to contain them in a carrier or pet cage in a low traffic area (not the kitchen, bedrooms or bathrooms as these rooms are ones buyers definitely want to see).
• Never Leave Your Dog Alone With Strangers.  Dogs, no matter how friendly, should never be left alone and uncontained at your property when a potential buyer comes to call. Aside from the fact that this poses a huge liability issue for you should something happen, not everyone loves pets, and a barking or excited dog could be enough to cause a potential buyer to move on.
• Keep ID on Your Pet.  Make sure your pet wears a collar with visible ID. If your pet gets out during the showing or moving process, the easiest and most effective way for the finder to get in touch with you is by looking on your pet’s collar and finding your current phone number.
• Microchip and Register Your Pet.  As a failsafe in case your pet loses their ID, make sure they are microchipped and your corresponding information updated in a universal database such as in the US, or in Canada.

This post is intended for informational purposes only and should not be taken as professional advice. The point of view and opinions expressed in this post are those of the author and do not necessarily reflect the position of �ʹ�����app International.

This post was written for �ʹ�����app by Estelle Weber, a freelance writer living in Los Angeles. You can read more of her work.

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During the home buying process, you’ll be working with a range of professionals, including a real estate agent, loan officer, home inspector, appraiser, and a lawyer or representative from a title company. And while you may need to divulge some very personal information, like your annual income and debt history, not all of these people need to know the intricate details of your life.

However, knowing what kind of information you should be prepared to share at various stages of the home-buying process will eliminate some of the guesswork and stress associated with this major life event. Plus, you can get a head start and begin the documentation gathering process now.

What real estate pros need to know

The typical home-buying experience begins with pre-qualifying for a home loan, during which you’ll be working with a loan officer or mortgage loan originator. Out of all of those professionals, your loan officer will probably require the most information.

Here are some things that a loan officer might require:

Information	Documentation
Personal information
• Full name • SSN or SIN • Current address and residential history • Legal issues	Driver’s license, passport or state-issued ID Social security card / Social insurance number Landlord names and contact information (or letters showing positive rental history) Copy of divorce decree, documents detailing any financial obligations not included in your credit report
Financial information
• Annual income • Personal assets • Credit • Debt and debt history	Paystubs, W2s and federal tax returns (for US residents), proof of income statement from the Canada Revenue Agency, and any paperwork indicating other sources of income, such as alimony and child support payments Bank and investment account statements, asset statements for stocks, bonds etc., documentation for current real estate holdings Credit report Credit report and paperwork for debts not included in report

Proper documentation helps to provide a complete picture of your financial standings, avoid any errors or confusion and speed up the loan approval process.

Once you’ve been approved and start working with a real estate agent or a buyer’s agent, your agent will simply need to know your budget, what you’re wanting in a home, and any needs as they relate to your lifestyle.

Safeguarding confidential information

Mortgage professionals and real estate agents have strict professional standards when it comes to handling personal information and preserving confidentiality.�� and the  (NAMB) both protect information arising from professional relationships with clients, noting that their members cannot divulge this information without the express authorization of said client, or as required by law. Similarly, the  and the  promote the privacy rights and interests of consumers, and have specific guidelines around data security and the handling of private information.

If you have any privacy or security concerns, ask your loan officer and real estate agent how they handle confidential information and who in their office has access to it. CEO of NAMB, Don Frommeyer, adds, “It is a good idea to ask your lender how they will handle your personal information and what do they do with it once they have completed your loan.”

Most real estate professionals have formal security policies in place, in addition to having to follow industry standards, ethical codes and the law, but asking about their common practices and security software also should help put your mind at ease.

Precautions that you can take

As a consumer, there are several steps you can take to protect your information, as well. At home, make sure you have a firewall, antivirus and anti-spyware software properly installed and running. Check your wireless network and browser security settings to make sure any networked data is protected.

If you store any private information on your computer or external hard drives, consider encrypting it first. And if you have to share any of this information electronically, be sure to use encryption software before sending it to the recipient (but don’t include the password in the message, send it separately). Note that public networks and Wi-Fi hotspots are not secure, so try to avoid sending or accessing any private information on such networks, unless you have a personal virtual private network (VPN).

Working with trusted professionals with whom you are comfortable lends itself to good communication and a stress-free transaction. Be sure to talk to your loan officer or real estate agent about any privacy concerns or questions you may have, because not only are they your best resource, they’re also your strongest ally.

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According to a , 50% of prospective home buyers start searching between six and 12 months in advance. Because purchasing a home is the largest lifetime financial investment for many, if not most consumers, it comes as no surprise that a wealth of research usually comes before deciding on a home.

Search the neighborhood and the school district. Define which features are the highest on the family’s priority list.

Recent research, however, found that many people might not have spent long enough studying how much home they could afford.�� that 1 in 3 American homeowners – a total of 19 million people – spend 30 percent or more of their income on their mortgages and other housing expenses.

So how can you figure out how much home you can afford?

Make sure you have a few financial safeguards in place

• �������� Get pre-approved (not just pre-qualified) for a mortgage
• �������� Ensure you still have a rainy day fund before sinking all your savings into a home
• �������� Be certain you are ready to stay in one place for several years before tying up money in a somewhat illiquid asset

Calculate a reasonable percentage of your income

Aim for between 25 and 30 percent of take-home pay on housing (this means your net pay, not your gross income). Lenders like  recommend something right in the middle — 28 percent. This includes any extra monthly income you might earn from freelancing, side jobs or investments. This should not include savings or retirement accounts.

Assess your current debt payments

Are you paying on student loans? How much are your car payments? What about your monthly credit card payments? Do you have any other mortgages? What other debts do you have? This is a short list of the expenses you should add up. Your debt-to-income (DTI) ratio, the amount of debt you hold in comparison to your income, should not exceed 36 percent, according to Wells Fargo. That DTI ratio will also include the mortgage and associated expenses you are applying for, so include that as well.

Figure out how much your down payment will be

The recommended amount for a down payment is 20 percent of the total cost of the house. (Remember to include closing costs!) However, buyers can access Federal Housing Administration-backed mortgages where you can put just 3.5 percent down. Keep in mind: most mortgages with less than 20 percent down will incur (PMI), which you’ll need to add to your overall expenses. Whatever the amount of the down payment, calculating it will let you know how much you’ll need to borrow.

Find out your interest rate

A combination of your credit score, your DTI ratio and your down payment amount will all figure into the interest rate on your mortgage. Adjustable-rate mortgages tend to start out with lower initial interest rates but can flex with time, tracked by indices such as the Federal Reserve Board. Fixed-rate mortgages might start out a little higher but remain fixed throughout the life of the loan. The length of your mortgage can also impact your interest rates.

Tools to help you with the math

Doing the math to understand the true cost of buying a home can be challenging. Fortunately, online calculators can help you make the entire process easy. Happy house hunting!

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