On June 25, 2010, HUD issued a new interpretive rule regarding administrative fee payments to Real Estate Brokers and Agents.
HUD's new interpretive rule clarifies that real estate brokers and agents may not be compensated by Home Warranty Companies for marketing services directed to particular homebuyers or sellers.
As such, we will be offering only those home warranty products that are compliant with HUD's ruling. Any overpayments of Plan fees received will be refunded to the closing company for appropriate distribution.
We value the efforts of the real estate community in making our products available and trust that you and your clients will continue to take advantage of the coverage, budget protection, superior service and peace of mind that our Home Warranties provide.
Old Republic Home Protection is the only company that has continuously offered a Non-Administrative Fee Product in most markets, allowing the real estate community to offer comprehensive coverage and the highest quality service at the lowest rates in the Industry! And this Home Warranty Product, now available in all markets, is more important than ever for your own peace of mind, providing protection from potential concerns regarding this new ruling.
Feel free to view our available Home Warranty Products and receive Free Home Warranty Plan Quotes. You can also Place an Application Online through our Toolbox which provides the most competitively priced products in the market today.
Old Republic Home Protection leads the way in being "People Helping People", and this is just one more indication of our commitment to you and the real estate community we serve.
We thank you for your continued support and future business.
Although interpretive rules are exempt from public comment under the Administrative Procedure Act, HUD said it is interested in receiving feedback on the clarity and scope of this guidance. Comments will be accepted for 30 days, or through July 26, 2010. Comments may be submitted via the Federal eRulemaking Portal at www.regulations.gov or by mail to the Regulations Division, Office of General Counsel, Department of Housing and Urban Development, 451 7th St. , S.W., Room 10276,Washington, D.C. 20410-0500. We encourage your comments to HUD.