ALTA® President Kermott Testifies on RESPA

September 16, 2008

The Subcommittee's Chairman, Mel Watt (D-NC-12th) noted in his opening statement that HUD Secretary Steve Preston refused to testify at the hearing declining to offer public comments while the rule is at the White House Office of Management and Budget. In addition, Chairman Watt said that the Federal Reserve Board declined to testify following its staff letter critical of HUD's proposed rule, indicating it did not want to publicly criticize another federal agency.

Additional witnesses who are joined Kermott were representatives from the National Association of Mortgage Brokers, Mortgage Bankers Association, National Association of Realtors, National Consumer Law Center, Center for Responsible Lending, National Association of Homebuilders, and Real Estate Services Providers Council.

You can watch the hearing by going to this link.



For more information on RESPA, go to ALTA's RESPA Reform Resource Center.


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro is the nation's leading provider of real estate closing and title insurance software. With more than 14,000 customer sites and over 60,000 users nationwide, this award-winning software offers a suite of products designed to increase your volume and revenue by reducing the time it takes to do closings. SoftPro has been recognized by the American Business Awards every year since 2007 - winning awards for Superior Customer Service, Support and Product Development. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.