Industry News

HUD extends RESPA reform comment period

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The public will have an additional 30 days to comment on the Bush administration's proposed changes to the Real Estate Settlement Procedures Act, but HUD officials say they remain committed to finalizing a rule before the president leaves office. On March 14, the Department of Housing and Urban Development published proposed changes to RESPA -- including simplified loan disclosures and incentives for packaging settlement services such as title insurance with loans -- which officials said could save consumers $8.35 billion a year (see story). The comment period, which was set to end May 13, has been extended to June 12 at the request of industry groups and members of Congress. Comments may be submitted on the Internet at the Federal eRulemaking Portal. "In light of congressional and industry requests to extend the comment period for the rule, and our desire to develop the best possible rule, we are allowing additional time," HUD Deputy Secretary Roy Bernardi said ...