HUD Renews Mortgage Settlement Reform Effort
Outlining the Department of Housing and Urban Development's timetable for developing modern mortgage rules that regulate how Americans buy and refinance homes, HUD Secretary Alphonso Jackson last week announced a series of upcoming meetings to gather public input on reform of The Real Estate Sales Practices Act (RESPA).
NAHB has been invited to participate in an industry session that will be held in August. Public meetings are planned for July 21 in Los Angeles, Aug. 4 in Chicago and Aug. 11 in Fort Worth, Texas.
HUD’s RESPA rules define the nature of the disclosures that are required for residential real estate sales and mortgage loan transactions. RESPA also defines how and when the various parties to a transaction may be compensated and how this compensation must be disclosed to a home buyer.
HUD hopes to gain a better understanding of the various stakeholders’ positions, concerns and suggestions for improving the RESPA rules.
These meetings fulfill Secretary Jackson’s pledge to Congress to seek more input after an earlier RESPA proposal was withdrawn in 2003 amidst protests from lending industry and consumer interests alike.
For more information from HUD, click here.
Or e-mail Bill Renner at NAHB, or call him at 800-368-5242 x8597.