BrokerageIndustry News

HUD: New RESPA rule out this week

Enforcement to begin in 2010
Published on Nov 12, 2008

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by CareyBot

Offering a few concessions to the real estate industry, the Bush administration is moving forward with regulatory changes that it expects will dramatically change the way mortgage loans and settlement services like title insurance are marketed and sold to consumers.

The new rules, which would not be enforced until 2010, would require loan originators to stick closely to cost estimates provided to borrowers on a new, standardized disclosure form. The rules would also provide incentives for lenders to package settlement services such as title insurance with loans.