ALTA® Participates in Small Business Administration Roundtable on RESPA Proposal

April 24, 2008

ALTA President-elect Mike Pryor joined representatives from the REALTORS, mortgage brokers, lenders, appraisers and homebuilders for a roundtable discussion of the proposed RESPA reform rule at the Office of Small Business Advocacy. Senior staff from HUD also participated. We were able to focus on potential problems the rule could cause to small business title companies, and possible alternatives. There was a good dialogue on all aspects of the rule, including the new GFE, HUD 1, closing script, tolerances, and volume discounts. ALTA proposed a simplification of the GFE and HUD 1 as a good compromise that could be accomplished in the relatively short time period left in the current Administration. ALTA plans an additional meeting with HUD before the comment period deadline and our submission of formal comments on the proposal.