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HUD Submits Draft Rule for RESPA Reform

WASHINGTON -- In spite of opposition from NAFCU, CUNA and hundreds of lawmakers in the House of Representatives, the Department of Housing and Urban Development has submitted to the Office of Management and Budget a draft final rule for Real Estate Settlement Procedures Act reform.

By Staff Writer | Updated on September 09, 2008

WASHINGTON — In spite of opposition from NAFCU, CUNA and hundreds of lawmakers in the House of Representatives, the Department of Housing and Urban Development has submitted to the Office of Management and Budget a draft final rule for Real Estate Settlement Procedures Act reform.

CUNA Senior Assistant General Counsel Jeffrey Bloch indicated in an e-mail to Credit Union Times that HUD is committed to finalizing the rule before the end of the Bush administration, regardless of the opposition from industry. He added that to make this deadline, HUD needed to send the rule to OMB for review as soon as possible. The rule, which would streamline RESPA regulations, was sent to OMB for clearance on Aug. 21.

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