Industry NewsMortgage

Judge throws out RESPA rule challenge

Mortgage brokers must credit rebates to borrowers
Published on Jul 31, 2009

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by CareyBot

Unless Congress says otherwise, mortgage brokers will have to disclose rebates paid by lenders and credit them against borrowers' closing costs beginning Jan. 1, following a judge's dismissal of a trade group's lawsuit challenging the new rules.

The ruling clears one potential obstacle to implementation of new loan disclosures and other changes to the Real Estate Settlement Procedures Act (RESPA) put forward last year by the Department of Housing and Urban Development (HUD).

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