Inman News (05/08/08); Carter, Matt
While officials at HUD are bent on finalizing a rule for RESPA reform before President Bush's term ends, they have agreed to give the public an extra 30 days to comment on the White House proposal to overhaul the Real Estate Settlement Procedures Act. A total of 148 members of Congress—along with such industry groups as the Mortgage Bankers Association and the National Association of Realtors—petitioned HUD Deputy Secretary Roy Bernardi to extend the comment period. Rep. Ruben Hinojosa, D-Texas, who co-wrote the "dear colleague" letter to Bernardi, stated, "Given the significance of the law and its regulations, any changes should be thoroughly vetted, especially at this time when our economy is in such a fragile state. We need to ensure that any…updates to RESPA regulations do not negatively impact the home-buying process and exacerbate the current economic slowdown." HUD officials state that the proposed changes—among them, simplified loan disclosures and incentives for bundling settlement services—could save U.S. consumers as much as $8.35 billion annually.
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