ALTA® Comments on RESPA by Kurt Pfotenhauer
|May 15, 2008|
ALTA® Comment Letter on RESPA|
ALTA® Resource Center
WASHINGTON -- The American Land Title Association (ALTA) has filed its formal comments with the Department of Housing and Urban Development on proposed rules to amend the Real Estate Settlement Procedures Act (RESPA).
HUD recently granted a 30 day extension from May 13 to June 12 for public comment at the request of industry leaders and the 148 members of Congress who signed a letter to HUD Deputy Secretary Roy Bernardi urging the extension “given the potentially far-reaching impact of RESPA regulatory changes.”
ALTA CEO Kurt Pfotenhauer stated, “We thank Congressman Rubén Hinojosa (D-TX), Congresswoman Judy Biggert (R-IL), and the other Members of Congress for their leadership in this important rule-making process. We will use this additional time to more carefully study and prepare supplemental comments on the 600-page Regulatory Impact Analysis that accompanied the proposal.”
In its comments, ALTA expressed concern that certain provisions of the proposal are counterproductive to achieving the Department’s goal of simplifying the real estate transaction process and providing consumers with reliable and easy-to-understand information about loan terms and settlement costs to facilitate comparison shopping.
Specifically, ALTA cited: