HUD Releases RESPA Rule-President Talks About Rule in Economic Speech
|March 14, 2008|
HUD released the long awaited proposal to reform RESPA to "Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs" and to "protect consumers from unnecessarily high settlement costs." ALTA today issued a press release agreeing with HUD's objectives for the rule, but questioning whether the rule falls short. It does not simplify the transaction and may in fact inhibit shopping. ALTA will be developing comments to submit to HUD during the 60 day comment period that will be open until May 13, 2008. ALTA encourages members to submit individual comments to HUD. We have a special email address: firstname.lastname@example.org where you can send your reactions to the rule and copy us on comments your company sends to HUD.