The sky’s the limit and the slate is clean for suggestions, changes and input on how to improve the nation’s mortgage settlement process in today’s Department of Housing and Urban Development small-business roundtable.

“We’re starting over with a clean slate,” HUD spokesman Brian Sullivan has said of the roundtables, the first of which was held last Thursday.

This afternoon’s meeting in Los Angeles is co-hosted by the Small Business Administration and will seek business input on reform of the Real Estate Settlement Procedures Act, known as RESPA.

The series of six roundtables were planned by HUD to collect input from consumers and industry professionals on how to simplify the home-buying process.

Three of the meetings, the first of which was last Friday, will be in Washington, D.C., and will include industry organizations. Today’s meeting is the first of the other three meetings, which are specifically designed to hear from the small-business community.

Today’s meeting will be attended by representatives from HUD and the Small Business Administration, as well as invited representatives from small- to medium-sized businesses

RESPA governs many aspects of the mortgage settlement process, and HUD is proposing changes to the Act to make the process simpler and easier for consumers to understand. The roundtables are an attempt to get industry input on the changes.

HUD’s original 2002 proposal would have changed the disclosure requirements for mortgage broker fees, including the yield spread premiums, simplified the good faith estimate form and permitted the sale of guaranteed-price bundled packages of mortgages and mortgage-related services.

These original proposals netted an unprecedented 45,000 comments during the public comment portion in 2002. Many of those came from within the real estate industry in opposition to the changes.

The 2004 proposed rule, formulated in response to the firestorm of comments, has been a mystery ever since. HUD Secretary Alphonso Jackson withdrew the agency’s proposal from the White House Office of Management and Budget in March 2004. Last Thursday’s meeting was the industry’s first look at the new proposed rules.


Send tips or a Letter to the Editor to or call (510) 658-9252, ext. 140.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription