HUD: All RESPA Issues Still on the Table

The Department of Housing and Urban Development continued to play it close to the vest Thursday in regard to RESPA reform.At the agency's third Washington forum, HUD officials once again made no promises -- and gave no hints -- on which way it is leaning in regard to revising mortgage disclosures under the Real Estate Settlement Procedures Act. One participant asked HUD Deputy Assistant Secretary Gary Cunningham point blank whether the agency is considering eliminating yield-spread premium disclosures. Mr. Cunningham did not rule it out, saying "all issues are on the table." Meanwhile, the Consumer Mortgage Coalition, which represents many large mortgage funders, sent a letter to HUD Secretary Alphonso Jackson, saying it is in favor of packaging and granting Section 8 exemptions. CMC says it believes packaging can save consumers at least $5 billion a year -- at no cost to lenders. (See the Aug. 22 issue of National Mortgage News for the full story.)