Advertisement
Texas industry appointments update - 11/28/2007
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.
About the author