Industry News

RESPA rule delayed again

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Realty and mortgage brokers and associations that have been waiting for the Office of Management and Budget to comment on the U.S. Department of Housing and Urban Development's new Real Estate Settlement Procedures Act rule will have to wait a while longer for any information. OMB's comment letter was expected this week at the end of a 90-day review period; however, OMB, a White House office, has extended its review of the rule for another 30 days, at HUD's request, according to HUD spokesperson Brian Sullivan. "The RESPA rule currently under review is a complex document supported by an extensive economic analysis. As a result, HUD and OMB require additional time to explore all of the comments and questions raised by the review," HUD said in a statement this morning. RESPA is a set of federal regulations that proscribe certain disclosures for home mortgages and prohibit certain kickbacks in real estate transactions, among other requirements. The federal housing department, a $32 ...