Articles Tagged with ''RESPA''

House Majority Urges Withdrawal of RESPA Proposal

A hotly-contested move by the U.S. Department of Housing and Urban Development to introduce a number of reforms to the Real Estate Settlement and Procedures Act came under fire this week from more than 240 lawmakers in the House of Representatives. House members signed a letter circulated by Reps. Ruben Hinojosa (D-TX) and Judy Biggert (R-IL) that says HUD's RESPA reform proposal fails to improve and simplify disclosures of mortgage terms and settlement costs.
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HUD Settles With Property I.D., Realogy on Kickback Claims

Officials at the Dept. of Housing and Urban Development said Friday that they had agreed to a $35 million settlement to a federal lawsuit centering on alleged kickbacks paid to real estate brokerages by hazard reporting company Property I.D. Corporation. The settlement terms must still be approved by a judge.
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MBA: HUD and Federal Reserve Must Work Together on RESPA Reform

As a critical comment period for proposed reform to the Real Estate Settlement and Procedures Act by the U.S. Department of Housing and Urban Development expires today, the Mortgage Bankers Association on Thursday weighed in with a stern warning for HUD officials: work with the Fed on updating the Truth in Lending Act in conjunction with RESPA, or risk hopelessly bungling both.
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RESPA Reform Under Fire From Realtors, ALTA

A hearing at the House Committee on Small Business on Thursday served as the latest platform for industry groups to voice their concerns over proposed changes to the Real Estate Settlement and Procedures Act, with representatives from both the National Association of Realtors and the American Land Title Association taking turns bashing the proposed reform measure as "confusing" and "costly" for consumers.
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HUD Extends Comment Period for RESPA Reform

The U.S. Department of Housing and Urban Development said Wednesday afternoon that it had extended the public comment period on the Bush Administration's proposed reforms to the real estate settlement process, bowing to Congressional as well as industry pressure. The administration proposed sweeping changes to the Real Estate Settlement and Procedures Act on March 17, including provisions that would expand HUD’s enforcement authority under the Act.
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AllRegs to Hold RESPA Reform Audio Conference

As the U.S. Department of Housing & Urban Development's proposal to change the rules regarding the Real Estate Settlement Procedures Act moves forward, there are many rumors and concerns about what exactly the proposal will mean for originators. Will yield spread premiums be affected? What exactly are the changes we can expect to see with the Good Faith Estimate? How will the HUD-1 Settlement Statement change?
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Industry Representatives Urge Slowdown on RESPA

Industry representatives are urging officials at the U.S. Department of Housing and Urban Development to slow their planned November publishing of a new Real Estate Settlement Procedures Act regulation. The remarks came at conference panel during this past week's Real Estate Services Providers Council (RESPRO) annual conference in Washington, DC. Many in the industry feel that the public comment deadline of May 13 isn't enough time to effectively reflect public reaction or forecast the proposed rule's impact.
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HUD Proposes Sweeping RESPA Reform

The U.S. Department of Housing and Urban Development on Friday unvieled a broad proposal to reform the Real Estate Settlement and Procedures Act, including provisions that would expand HUD's enforcement authority under the Act.
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HUD Expands RESPA Investigations, Targets Reform by End of 2007

The states clicked off like a geography bee: Minnesota and Tennessee, Colorado and California -- along with a half dozen more -- as Ivy Jackson listed areas where companies are being investigated for not complying with RESPA laws. And then the Housing and Urban Development's director of RESPA grinned at a conference of affiliated business leaders and joked: "If you got left out of those, don't worry, we'll get to you."
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