Comment Submitted by Richard Glass, Keller Williams Gainesville Realty

RE: Docket No. FR-5180-P-01 and the title “Real Estate Settlement Procedures Act (RESPA):Proposed Rules To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs Having a HUD approved script read to signers would be a valuable tool for notaries who are required by law to ask signers if they understand the documents before signing. The problem with having a signing agent competant to answer questions is that that would require either several parties to be present or one party who is not qualified in all areas of concern to answer questions. A better solution would be to require the reading of the HUD approved script and then have the signer acknowledge that they understand. If the signer does not understand, then the signing agent would then direct them to the proper party for an explanation. The existing proposal would require the presence of a loan officer, real estate agent, escrow agent, notary, appraiser, attorney, engineer and others to be present to answer questions. Notaries who are always present are not allowed to explain terms and conditions. Even licensed real estate agents are uncomfortable explaining parts of the real estate transaction in which they are not expert. Again having a signing agent who can refer the signer to the proper party to explain the document which the signer has questions about is the best way to go.