The National Association of Mortgage Brokers (NAMB) applauds the U.S. Department of Housing & Urban Development (HUD) for its recent announcement to delay the Real Estate Settlement and Procedures Act (RESPA) Final Rule enforcement date by four months, to April 1, 2010. NAMB continues to work with HUD to clarify issues surrounding mortgage broker compliance with the new Good Faith Estimate (GFE) disclosure form.
“HUD’s decision is a welcomed relief for NAMB and the housing industry,” said NAMB President Jim Pair, CMC. “NAMB commends HUD for listening to industry representatives’ requests to allow proper time for mortgage professionals to become compliant with the Final Rule.”
NAMB strongly urges its members to review their errors and omissions policies and surety bond policies, as well as consult with their legal counsel to make certain they may utilize the four-month extension of enforcement on the Final Rule. By doing so, members can confirm their contractual and legal responsibilities and liability concerns in conjunction with the Final Rule implementation on Jan. 1, 2010.
For more information, visit www.namb.org.