Jackson Wants RESPA Reform by Spring '06

Department of Housing and Urban Development Secretary Alphonso Jackson has a timetable for reforming the Real Estate Settlement Procedures Act, and he wants to issue a final rule by next spring.Secretary Jackson told the Exchequer Club on Wednesday that he wants to finalize a RESPA rule that provides "clear, concise" disclosures of closing costs early next year. The housing secretary is planning to meet with Senate Banking Committee Chairman Richard Shelby, R-Ala., and House Financial Services Committee Chairman Michael Oxley, R-Ohio, this summer to get their input on RESPA reform. HUD senior counsel Kim Kendrick has already initiated meetings with banking committee staff members to outline HUD's RESPA strategy, according to a HUD spokesman. Then the secretary plans to consult with industry and consumer groups before HUD issues a RESPA proposal for public comment in late fall or early winter. Mr. Jackson has pledged to work with Congress, the housing industry, and consumer groups to reach a consensus on RESPA reform. "I intend to finish the job and produce strong RESPA reform, but not without your support," he told a Mortgage Bankers Association conference on Tuesday.