HUD: One Year to Implement RESPA Reform

The mortgage business may not like what's coming in the reform package the Bush Administration has in mind for the Real Estate Settlement and Procedures Act. But at least it will have 12 months to put the changes into effect, according to the Chief of Staff at the Department of Housing and Urban Development. RESPA reform is "imminent," David Horne told the National Association of Realtors' annual conference in Orlando. "But you'll have a one-year implementation period, so you'll have plenty of time to deal with it." Mortgage interests from top to bottom have generally panned HUD's effort at revising the ancient consumer protection law. But they have been unsuccessful in getting the White House to pull back HUD's reform package. Mr. Horne also told NAR that the transition to a new administration should be smooth, at least as far as his department is concerned. He said HUD started in June to carve out office space and computers for the transition team appointed by the President-elect, whomever he or she might be. It also has identified key career staffers and major issues for the new regime, and is just waiting for President-elect Barack Obama's team "to parachute in," Mr. Horne said.