On October 3, 2015, new regulations promulgated by the Consumer Financial Protection Bureau (CFPB), a governmental agency created under the Dodd–Frank Wall Street Reform and Consumer Protection Act will go into effect that will change the landscape of the residential mortgage world. Among other things: Gone will be the familiar “HUD-1” (a/k/a RESPA) and “good […]
Click Here for the Original Newsletter By: Jim Dash The problem: An upstream party (i.e., the owner, upstream (sub)contractor), for reasons outside its control, fails to pay for construction work. Here is the dialogue: Upstream Party: Sorry, but we haven’t been paid yet on this project. We’ll pay you if and when we get paid. Downstream […]
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