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HUD Expected to Move Forward with Bundled Services.
Expectations are growing that the Department of Housing and Urban Development is going to issue a rule that would revamp the mortgage application and settlement process later this summer.
And a Washington lobbyist recently reported that HUD has sent the rule to the Office of Management and Budget for a pre-clearance review.
A HUD spokesman quickly denied the talk, stressing that "no formal transmission" had been made to OMB, which reviews all regulations for the White House before they are published in the Federal Register.
However, former HUD attorney Howard Glaser said he is confident that HUD has sent the Real Estate Settlement and Procedures Act rule to OMB for review.
"It is not uncommon for a federal agency dealing with a politically charged rule to informally transmit the rule to OMB to iron out any issues that might slow or stop its progress," he said. Mr. Glaser worked in HUD's general counsel office during the Clinton years.
Sources indicated that it would be normal for HUD officials to keep OMB up to date on their progress, since the proposal is controversial on Capitol Hill and it has generated a lot of opposition from settlement services groups.
But some doubted OMB actually has a copy of the rule.
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