RESPROReal Estate Services Providers Council
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RESPRO also argued that the proposed GMP generally constrains competition in the market by nonlenders, such as real estate brokers, because the package must include an interest rate and other loan origination services that require lender participation.
ALTA and RESPRO each proffered alternative "two-package" approaches that, they argued, would enhance competition and enable both lenders and nonlenders to offer packages, as compared with the HUD-proposed GMP.
RESPRO would also allow for a third package, a "plus" package that would cover additional settlement services of interest to the consumer that would not be included in either the lender-offered GMP or the GSP, such as owner's title insurance or radon, mold or roof inspections.
Agents would turn a customer's name over to HFS and if the referral led to a security system sale, the broker would be compensated, Chidsey explained at the RESPRO conference.