HUD Won't Delay New RESPA Rules
Federal regulators say there will be no further delays in implementing the proposed changes to the Real Estate Settlement Procedures Act (RESPA).
In a letter to industry groups signed by Federal Housing Commissioner David Stevens, the Department of Housing and Urban Development said it is “imperative” that the new rules be “fully operational on schedule.”
There’s still a possibility that Congress could intervene. Rep. Judy Biggert (R-Ill.), who has fought RESPA changes for more than five years, has proposed a delay in implementation of the current changes for “a reasonable amount of time.”
Banks are apparently willing to let the changes go through at this point. Wells Fargo Home Mortgage executives wrote HUD this week saying: "We have already programmed the mandated RESPA changes into over 40 computer systems and have no choice but to proceed with implementation of the new forms" on Jan. 1.
Source: Inman News, Matt Carter (10/16/2009)
Michele Kantor's Real Estate Blog
(713) 728-2300
Ready to Sell? Call Michele!
Subscribe to this blog
You will be alerted when there is new content on the blog via email
Name:
Email:
|
EMAIL ME
9708 Hillcroft Street, Houston, TX 77096
Phone: (713) 728-2300 Fax: (713) 728-0084
ARCHIVE
TOOLS
View subdivision price trends for the past 13 years, and create comparative subdivision analysis reports online.
Search for information on Houston and Texas schools based on the county, district, campus and/or zip code.
Golf Course Finder allows you to search for Houston golf courses and to view properties on or near a golf course.
Search for Houston area highrises and see their comprehensive list of features and amenities.
Includes residential home sales statistics for residential properties and new homes listed by REALTORS®
Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
Copyright© 2012, HOUSTON REALTORS® INFORMATION SERVICE, INC. All Rights Reserved.