HUD Sends RESPA Reform Rule to Print
The Department of Housing and Urban Development has sent to the Federal Register for publication on November 14 the revised regulations under the Real Estate Settlement Procedures Act of 1974.
The new rule, which consists of nearly 300 pages of double-spaced text, includes a revised Good Faith Estimate and HUD-1.
HUD’s original proposal had included a so-called closing script, which had been sharply criticized by a number of industry participants. The agency discarded this proposed change.
The proposed rule’s change to the definition of “required use” had also been the focus of substantial criticism. HUD rejected this criticism, and includes language that would prevent companies from providing an incentive to consumers for using an affiliate. This language appears to be targeted at homebuilder affiliates.
Considering the significant opposition to the rule, and the nature of the rule in its final form, there is a good chance the rule will be challenged.
For a copy of the HUD press release, please click here.
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