RUMANA BILL PROHIBITING ESCROW EVALUATION SERVICES FROM CHARGING FEES SIGNED INTO LAW BY CHRISTIE

Washington, D.C. – January 12, 2015 – (RealEstateRama) — Legislation (A-308) sponsored by Assembly Republican Whip Scott Rumana (R-Passaic, Bergen, Essex and Morris) making it unlawful for escrow evaluation services to charge for reports deemed necessary for mortgage lender evaluations was signed into law today. Rumana issued the following statement about the bill:

“Escrow agents already go through a rigorous training process. Telling them they cannot transact settlements on behalf of their clients, unless vetted by a specific recommended firm, is redundant and expensive to the purchaser and the agents. There is no sound reason for repeating a practice which escrow agents already perform. They are already regulated and certified by the Department of Banking and Insurance. This bill will untie the red tape that can hold up important purchases and real estate transactions, reducing costs and time.”

The bill reduces government bureaucracy. Rumana serves on the Red Tape Review Commission.