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Regulators Are Wary of Proposed RESPA Rule.
Washington -- It is bad enough getting sandbagged by industry groups, but now the Department of Housing and Urban Development is being pressed by fellow regulatory agencies to reconsider its Real Estate Settlement Procedures Act proposal.
HUD has redesigned the good-faith estimate in the RESPA proposal to provide consumers with concise and understandable disclosures about the loan terms and settlement costs, including the mortgage broker's compensation. The RESPA rule also covers the treatment of escrow accounts held by servicers for the payment of taxes and insurance, but this aspect of the rule has not sparked much controversy during the current round of RESPA debate.
But comments filed by the staff of the Federal Reserve Board, Federal Trade Commission and Small Business Administration are urging HUD to scale back the proposal and conduct more consumer testing.
The Fed staffers note that they are working on a Truth in Lending Act disclosure that will also be handed to mortgage applicants at about the same time they receive the GFE estimate from the lender.
"We believe the inconsistencies and other differences between proposed GFE and TILA disclosure are likely to confuse consumers and undermine consumers' ability to make informed shopping decisions and avoid unnecessarily ...
- 'Pare Down RESPA Rule'.
- Magazine article from: National Mortgage News Collins, Brian June 16, 2008 700+ words
...down prices. The RESPA rule also requires closing...estimated on the GFE with those on the...Realtors wants the GFE simplified and reduced...HUD to withdraw the RESPA rule and start again...implementing the RESPA rule. HUD estimates the...with the revised GFE ...
- U.S. Continues to Back RESPA Rule U.S. Still Backs Rule.
- Magazine article from: Origination News March 1, 2009 700+ words
...administration will pull back the RESPA rule as they are doing with...Development issued the final RESPA rule in November. It requires...mortgage application. The GFE includes a new disclosure...withdraw or suspend the RESPA rule. They want HUD and the...
- RESPA Rule Causes More Friction.
- Magazine article from: National Mortgage News February 23, 2009 700+ words
...postpone issuance of a final RESPA rule. They persuaded 244 congressmen...back from issuing the final RESPA rule and coordinate the GFE disclosure with the Fed's...required use" section of the RESPA rule. This section bans builders...
- RESPA Rule Set For End of the Year.(Real Estate Settlement Procedures Act)
- Magazine article from: Origination News Collins, Brian October 1, 2008 700+ words
...moving ahead with a final RESPA rule, despite industry and...made to its proposed RESPA rule will achieve our collective...HUD has redesigned the GFE to disclose loan terms...HUD probably issued the RESPA rule later this year and the...
- RESPA Rule Set For End of the Year.
- News wire article from: Mortgage Line Collins, Brian October 22, 2008 700+ words
...moving ahead with a final RESPA rule, despite industry and...made to its proposed RESPA rule will achieve our collective...HUD has redesigned the GFE to disclose loan terms...HUD probably issued the RESPA rule later this year and the...
- NAMB Blasts RESPA Rule.(Conference notes)
- Magazine article from: National Mortgage News Collins, Brian Finkelstein, Brad November 5, 2007 700+ words
...HUD's consumer testing of the GFE. The outline of the RESPA proposal says HUD's testing of the GFE shows consumers could identify...consumer testing of the earlier RESPA rule and concluded that GFE disclosures of mortgage broker...
- Regulators Are Wary of Proposed RESPA Rule.
- News wire article from: Mortgage Line Collins, Brian August 27, 2008 700+ words
...broker's compensation. The RESPA rule also covers the treatment of...the same time they receive the GFE estimate from the lender...differences between proposed GFE and TILA disclosure are likely...mortgage broker compensation in the GFE "appears to be misleading...
- House hearing on RESPA rule. (Business Alert).
- Magazine article from: Mortgage Banking April 1, 2003 700+ words
...revisit certain components of the proposed RESPA rule. These components include the following...that changes to the good faith estimate (GFE) be delayed until after the market has...for any additional changes to the current GFE system. In addition, Courson said MBA...
- Examining RESPA Rule.
- News wire article from: Mortgage Line Cornwell, Ted December 1, 2008 700+ words
...at the closing table, cannot exceed the GFE figures by more than 10%. The lender...final rule. HUD's new, three-page GFE makes no mention of yield-spread premiums...HUD should have been able to boil down the GFE to one page, with an itemization of closing...
- RESPA Rule Close, But Could Change.(Real Estate Settlement Procedures Act)
- Magazine article from: Origination News Collins, Brian February 1, 2004 700+ words
...it. HUD at press time had shipped the RESPA rule to the Office of Management and Budget...Later that day, HUD sent the final RESPA rule to OMB. National Association of Mortgage...Association were urging HUD to re-propose the RESPA rule so that they could review and comment...
Source: HighBeam Research, Regulators Are Wary of Proposed RESPA Rule.