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NEW RESPA RULE?

December 6th, 2007 10:12 AM by Ron Mastrodonato

NEW RESPA RULE?

National Association of Mortgage Brokers (NAMB) President-elect Marc Savitt cited a rumored HUD proposal and accused the agency of being apathetic when it comes to “true simplification” of the Real Estate Settlement Procedures Act  (RESPA). The proposed HUD rule, which has not yet been released officially, requires upfront disclosure of the loan origination charges on the first page of a good-faith estimate. Savitt accused HUD of caving to industry pressure in its attempts to impose a rule similar to one floated five years ago, but with the bundling provisions stripped. Savitt has vowed to use all of NAMB’s resources to fight HUD, calling on mortgage brokers nationwide to use their databases and contact as many customers as possible to compel them to write protest letters to the agency.

Source: National Mortgage News, Brian Collins and Brad Finkelstein (11/05/07)
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Posted by Ron Mastrodonato on December 6th, 2007 10:12 AM

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