The Secure and Fair Enforcement (S.A.F.E.) Mortgage Licensing Act of 2008 addresses a number of concerns by requiring registration, licensing, and education for a broad range of mortgage professionals.

From day to day we want to remain optimistic given any set of circumstances as we are creatures of hope.  But when we hear of a metric plunging 33 percent to the lowest level on record...

It's all but difficult.

Consumers stopped buying new homes when the tax credit incentive expired the previous month.  Demand was all but washed out by the rush at the end to grab the $8,000 tax credit.

We believe consumers have decided to take better care of all their "stuff" including their existing homes in this season of debt reduction.  Spending and creating more debt for a new home is passe'.  Moving further out to a new subdivision only to turnaround and commute a greater distance to a job no longer has any appeal. 

Congress enacted RESPA in 1974 for two purposes:

•  To allow consumers to obtain information on the costs of closing so that they can shop for settlement services.  RESPA uses mandatory disclosure requirements to ensure that consumers obtain information on closing costs.

•  To protect consumers from excessive settlement costs and unearned fees.  RESPA establishes prohibited practices to protect consumers from unearned fees.

Violations of Section 8, which prohibits kickbacks, referrals, and fee splitting, are subject to RESPA’s most severe penalties including fines of up to $10,000 and one year in prison.

Section 6 of RESPA addresses loan servicing and allows consumers to file individual or class actions against loan servicers for RESPA violations.  In individual actions, loan servicers may be liable for damages.  If a pattern or practice of noncompliance with the servicing requirements of RESPA exists, the loan servicer can be liable for additional penalties of up to $1,000.  In class actions, damages may not exceed $1,000 for each member of the class and total damages may not exceed $500,000 or 1 % of the net worth of the servicer.

Failure to submit an initial or annual escrow statement in compliance with Section 10 of Regulation X can result in a civil penalty of $75, with a limitation of $130,000 on the penalty imposed on one servicer for violations occurring within a consecutive 12-month period.  However, if a loan servicer intentionally disregards the requirements of Section 10, penalties are $110 for each violation, with no limit on the total amount of the penalty.

Penalties for originators seem severe while those for servicers are much less.

Perhaps you've noticed it.  Maybe it means little to you.  There's a big difference in what some local Northern Virginia gas stations are charging for regular gas.

At the Sunoco station here in Oakton the price has been locked at $2.89 per gallon for some time.

But the Madison Shell in Vienna, Virginia is offering regular for $2.77 per gallon.  That's great for all those attending events at James Madison High School such as the recent lacrosse playoffs.  It's also more than a 4% difference.

At the Liberty station on Route 7 in Arlington near Wakefield High School, we purchased gas for $2.69 a gallon.  We were happy to fill up.