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Texas industry appointments update - 11/28/2007

National Mortgage Professional
Nov 27, 2007

NAMB gears up for looming HUD RESPA proposalMortgagePress.comHUD,RESPA As we went to press, the National Association of Mortgage Brokers was gearing up for a grassroots campaign in opposition to the U.S. Department of Housing and Urban Development's latest Real Estate Settlement Procedures Act (RESPA) proposal. The yet-to-be-released HUD RESPA proposal includes a four-paged Good Faith Estimate (GFE), rather than the one-paged GFE preferred by NAMB. In addition to the four-paged GFE, HUD would also require upfront disclosure of Mortgage Brokers' compensation. NAMB President-Elect Marc Savitt stated that NAMB opposes HUD's proposed GFE revision and will launch another grassroots campaign to combat HUD should the RESPA proposal be released as slated. In 2004, NAMB led a grassroots letter-writing campaign that yielded 45,000-plus letters from its membership and the mortgage community voicing an overall opposition to HUD's initial RESPA proposal. Visit www.namb.org for up-to-date information on the release of HUD's RESPA proposal.
Published
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