NAMB legislative update: RESPA amendment to HR 1728 accepted MortgagePress.comHouse Financial Services Committee, HR 1728, The Mortgage Reform and Anti-Predatory Lending Act of 2009, RESPA, Department of Housing and Urban Development
On April 28, 2009, the House Financial Services Committee voted
in favor of attaching an amendment to HR 1728, "The Mortgage Reform
and Anti-Predatory Lending Act of 2009" that would withdraw the
Final RESPA Rule. The amendment, offered by Rep. Judy Biggert
(R-IL), stated that the Department of Housing and Urban Development
(HUD) should work in conjunction with the Federal Reserve Board
(Board) to develop and issue a new rule to address simplifying the
mortgage process within six months of the passage of HR 1728.
This is a victory for the National Association of Mortgage
Brokers as the association had requested that HUD withdraw the
RESPA Rule and work together with the Board to simplify the
mortgage process in our comment letters, calls to action, and
communications to Congress. HR 1728 is tentatively scheduled to be
voted upon by the full House of Representatives on May 7, 2009.
For more information, visit www.namb.org.