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HUD committed to RESPA changes

Bill would delay implementation for one year

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Housing Secretary Shaun Donovan says he remains committed to implementing new standardized loan-disclosure forms and settlement procedures proposed last year by the Bush administration, although HUD is stepping back from a proposal to ban certain incentives offered by homebuilders. Meanwhile, the prospects of legislation that would force HUD to delay by one year implementation of changes to the Real Estate Settlement Procedures Act (RESPA) -- currently scheduled to take effect Jan. 1 -- remain uncertain, despite a lopsided House vote last week. Donovan said Monday the Department of Housing and Urban Development remains committed to implementing the changes to RESPA, restating previous claims by HUD that they will save consumers an average of $700 per loan by helping them shop for the best deal. "This administration is committed to providing consumers with clear and transparent information when they make the biggest purchase of their lives," Donovan said in a pre...