MBA: Finding RESPA Consensus a 'Challenge'

The real challenge in crafting a new RESPA regulation will be devising a system that is agreeable to all the parties involved, according to Ron Alba of the Mortgage Bankers Association.Speaking at the Northeast Regional Conference of Mortgage Bankers Associations in Atlantic City, N.J., Mr. Alba said any regulation under the Real Estate Settlement Procedures Act will need the support of the mortgage brokers, the title industry, and Realtors. "That is where the real challenges lie," he said. Meanwhile, Jack Konyk of National City Corp. called on industry professionals at the grassroots level to keep their voices heard at the Department of Housing and Urban Development. He said the consumer groups will be doing that, and "numbers speak." Mr. Konyk continued: "You have the expertise rulemakers need to see." The MBA can be found online at http://www.mortgagebankers.org.