Industry News

Small businesses ‘loud and clear’ on RESPA reform

Second HUD meeting on improving home-buying process

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Small business owners sounded off "loud and clear" about real estate settlement packages at Thursday's roundtable discussion on how to improve the home-buying process led by the Department of Housing and Urban Development, a department spokesman said. "Spirited debate is not only useful, it's pivotal," HUD spokesman Brian Sullivan said of the roundtable. The Los Angeles meeting was co-hosted by the Small Business Administration and sought business input on reform of the Real Estate Settlement Procedures Act, known as RESPA, which regulates the mortgage-closing process. The meeting was the second of a series of six roundtables planned by HUD to collect input from consumers and industry professionals on how to simplify the home-buying process. The first was held last week. Both last week's and this week's forums included spirited discussion of HUD's new proposed Mortgage Package Offer and revised Good Faith Estimate forms. These and other reforms were formulated in 2004 but not shar...