An amendment that would delay mortgage disclosure changes under the Real Estate Settlement and Procedures Act is slated to be introduced Thursday afternoon. According to the National Association of Mortgage Brokers, Rep. Judy Biggert, R., Ill., will introduce an amendment to pending consumer protection legislation allowing for a more gradual implementation of RESPA changes. In particular, brokers are concerned that come January 1 the "good faith estimate" form is going to four pages from one, causing headaches throughout the industry. The Biggert amendment would allow "both new and old forms" to be allowed during the transition period, according to a memo issued by NAMB.
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