I was talking to a loan officer yesterday, he just finished a training on the new RESPA rules and he told me that now to give pre-approvals for buyers they must have an executed contract of sales, because they must have all the information on the specific property they are purchasing in order for them to give the buyer a Good Faith Estimate. We couldn't discuss all the changes and how them will affect our business. I have to read more about and maybe go to one of the seminars myself. I know some banks and outsourcers if the REO lisitng is under contract and it doesn't go to settlement they will automatically re-assign the listing to another agent. If we take offers only with a pre-qual letter from a lender and then once they have the executed contract the loan is not approve, we will loose the listing and maybe even credibility with out asset managers.
How do you think the new RESPA laws will affect out REO business?