Taking yet another crack at RESPA reform, the Department of Housing and Urban Development on Monday announced six somewhat public meetings on the issue, while stressing that it has no timetable whatsoever on accomplishing the task.During a conference call with reporters where he left questions to an agency spokesman, HUD Secretary Alphonso Jackson declared, "I am more concerned about doing this right than doing it fast." A HUD spokesman said "everything's on the table" in regard to reforming the Real Estate Settlement Procedures Act, adding that one of the agency's priorities will be to save the consumer money. HUD estimates that consumers spend $55 billion each year on closing costs they do not fully understand. In attempting to once again reform RESPA (the agency halted a major reform effort in early 2004), HUD said it will focus on issues such as changes to the good-faith estimate, loan originator compensation, interest rate guarantees, and fixed settlement costs. Three meetings (by invitation only) involving consumer and industry groups will be held in Washington July 14, July 28, and Aug. 18. Three other meetings co-sponsored with the Small Business Administration will be held July 21, Aug. 4, and Aug. 11 in Los Angeles, Chicago, and Fort Worth, respectively.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry