RESPA reservations

HUD's Ivy Jackson, Director of the Office of RESPA, is grilled by Rep. Henry Cuellar, D-Texas, at a hearing today on HUD's RESPA reform proposal.

Cuellar had concerns about costs and paperwork, and Jackson conceded small businesses would have $5,000 to $6,000 in up-front costs to comply with HUD's proposed changes to the Real Estate Settlement Procedures Act, adding about $98 to the cost of the average loan.

But Jackson said consumers would end up saving about $600 per loan because simplified disclosures will help them comparison shop and avoid costly features like prepayment penalties. More videos from the House Small Business Committee hearing, “RESPA and its Impact on Small Business.” Also prepared testimony from the Natonal Association of Realtors, American Land Title Association, Mortgage Bankers Association, National Association of Mortgage Brokers, and the Center for Responsible Lending,

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.