Industry News

HUD hosts first RESPA reform talk

Roundtable discussion planned for Thursday

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The U.S. Department of Housing and Urban Development this Thursday will host its first roundtable discussion on improving the home-buying process. The forum is slated for Thursday from 12:30 p.m. to 5 p.m. EDT at HUD's headquarters on 7th Street in Washington, D.C. The event is the first in a series HUD has planned to get input from consumers and industry professionals on how to improve the mortgage settlement process. Reform of the Real Estate Settlement Procedures Act, or RESPA, has been an issue for years. Alphonso Jackson, U.S. Housing and Urban Development secretary, in late April promised members of a national mortgage banking association to seek their input on reform of RESPA. The housing agency has attempted to simplify the home-buying process for consumers by making changes to RESPA, which regulates the closing process. HUD's "roadmap" for reforming RESPA's regulatory requirements includes three Washington roundtables for invited representatives of consumer and industry...