Wells Fargo in their January Connect for Success email has announced their participation in the new federal requirements for mortgage transactions. RESPA (Real Estate Settlement Procedures Act) is designed to help borrowers avoid surprises at closing. Often the purchaser of a mortgage is faced with unexpected charges on the Good Faith Estimate and HUD -1 Settlement Statement – RESPA hopes to eliminate or lessen the chances of such charges.
RESPA does not require any input from the purchaser but does reform many of the processes used by the lenders, settlement agents and attorneys.
For more information please contact our RE/MAX Greater Atlanta Wells Fargo Home Mortgage Consultant Carolyn Cushing at 770-673-8048 or carolyn.cushing@greateratlantaFS.com.