BrokerageIndustry News

Builders get reprieve on incentives

HUD delays implementation of rule change for 90 days
Published on Jan 12, 2009

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by CareyBot

Federal housing regulators have agreed to delay for 90 days implementation of a rule change that would bar home builders from offering consumers incentives when they agree to use builders' affiliated mortgage and title insurance companies.

The new rule -- one of many changes to the Real Estate Settlement Procedures Act (RESPA) being phased in by the end of the year -- was set to take effect Jan. 16.