NAMB Prez Discounts RESPA Rumors

National Association of Mortgage Brokers president Bob Armbruster says he does not believe rumors that the Department of Housing and Urban Development will issue a revised Real Estate Settlement Procedures Act rule in October.Speaking at the Southeast Mortgage Brokers Conference sponsored by the Georgia Association of Mortgage Brokers in Biloxi, Miss., Mr. Armbruster said it is more likely that action will occur after the November elections, especially if there is a change of control in the White House or the Senate. Furthermore, HUD Secretary Alphonso Jackson has promised the NAMB and other housing industry trade groups that he would call them back to the table to discuss any RESPA proposal. Mr. Armbruster said he believes Mr. Jackson will keep his word.