Industry NewsMortgage

HUD committed to RESPA changes

Bill would delay implementation for one year
Published on May 12, 2009

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by CareyBot

Housing Secretary Shaun Donovan says he remains committed to implementing new standardized loan-disclosure forms and settlement procedures proposed last year by the Bush administration, although HUD is stepping back from a proposal to ban certain incentives offered by homebuilders.

Meanwhile, the prospects of legislation that would force HUD to delay by one year implementation of changes to the Real Estate Settlement Procedures Act (RESPA) -- currently scheduled to take effect Jan. 1 -- remain uncertain, despite a lopsided House vote last week.

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