HUD Issues New RESPA Guidance
August 18, 2008
On August 6, the HUD's General Counsel responded to questions from the National Association of Realtors about compensation under RESPA. HUD's letter stresses the answers provided do not represent a rule, regulation or interpretation by HUD but serve as informal guidance.
Read the letter from HUD here
In particular, HUD indicated compensation to a settlement service provider may not occur sooner than would otherwise occur nor payment to a settlement service provider's charity of choice for referral of business because both payments would be considered a "thing of value."
The letter also indicated HUD will consider responding to some questions posed by issuing statements of policy, rules or other formal guidance in the future. These questions include:
Contact ALTA at 202-296-3671 or communications@alta.org.