Industry News

Real estate groups say RESPA reform likely not dead

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The recent decision by the U.S. Department of Housing and Urban Development to withdraw its proposed changes to the federal Real Estate Settlement Procedures Act relieved real estate groups, but they're not ready to say RESPA reform is dead. "I think that most people don't believe anything will be surfacing before the election and obviously what happens after the election depends on the results of the election," said Sue Johnson, executive director of Real Estate Services Providers Council (RESPRO), which had opposed the changes. "I think probably the issue of mortgage simplification and lowering costs are going to be issues that are perennial, really." Acting HUD secretary Alphonso Jackson announced on Monday that HUD would review public, industry and congressional comments before resubmitting the rule to the White House Office of Management and Budget. The proposed changes drew thousands of comments in opposition from industry groups. Steve O'Connor, VP of government affairs for...