Magazine article Mortgage Banking

Package Deal. (Portfolio)

Magazine article Mortgage Banking

Package Deal. (Portfolio)

Article excerpt

WE WONDERED HOW UNSETTLING IT WOULD BE TO THE SETTLEMENT SERVICES business if the mortgage industry were to demand bundled services on a Wide scale overnight. Turns out, the big guns in the industry are already there.

After years of acquisitions and de novo growth of divisions offering all elements of a closing package, these companies have been living in a bundled world for a long time. There are questions on how it Would be done, but far fewer questions on whether it can be done.

The First American Corporation's Parker Kennedy, president and director, told us in an interview this month that "We have seen some sort of bundling coming for 15 years." It appears that kind of foresight may be about to pay dividends. As this issue goes to press, there has been no word from the Department of Housing and Urban Development (HUD) on the status of its proposed Real Estate Settlement Procedures Act (RESPA) rule promoting guaranteed mortgage packaging agreements. But major players in settlement services say, RESPA rule or not, the future lies with bundled services. …

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