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HUD Extends RESPA Comment Period

Posted by Benjamin Dona on Friday, May 16th, 2008 at 8:14pm.

HUD has announced a 30-day extension, to June 12, 2008, for the public to comment on the proposed new Real Estate Settlement Procedures Act (RESPA) rule. The announcement came just days before the initial comment period was set to end and on the heels of a letter HUD received signed by 149 members of Congress. The Congressional letter referenced the extensive nature of the RESPA reform proposal and the fact that some aspects of the proposed changes had not previously been the subject of public comment.

In addition, the letter stated that further analysis was needed on the proposed rule's interaction with state and federal laws and regulations including the Federal Reserve Board's recent proposal to amend its Truth in Lending Act regulations. Pressure also came from NAR, which has been working with its members and industry partners to analyze and determine the proposal's impact.

Concerns about the proposed rule include the comprehensive nature of the proposal which goes beyond the anticipated reform of improved disclosures, the timing of provisions requiring significant changes to the real estate settlement process, and comments directed at specific provisions including volume discounts, average cost pricing, price tolerances, a new definition of "required use"  and a new "closing script"  requirement which must be read aloud at closings.

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About the Author

Gulf Coast Associates, RealtorsBenjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.

Contact Benjamin Dona at 239-948-3955

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