House majority opposes RESPA reform proposal

HUD urged to work with Fed on disclosures

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More than 240 of members of the House of Representatives have signed a letter urging federal regulators to withdraw their proposed changes to the Real Estate Settlement Procedures Act (RESPA) and work with the Federal Reserve on simplified disclosure forms instead.

The Department of Housing and Urban Development maintains its proposed changes to RESPA would save consumers $8.35 billion a year by helping them shop for the best deal on a loan, title insurance and other settlement services.