NAMB: RESPA Meeting 'Cordial'

The National Association of Mortgage Brokers had a "cordial" first meeting with representatives of the Department of Housing and Urban Development over the prospect of a RESPA rule reproposal, according to NAMB president Bob Armbruster.Speaking at the Florida Association of Mortgage Brokers convention in Orlando, Mr. Armbruster said the association is preparing for a second meeting with HUD in a few weeks and, if need be, could even meet directly with HUD Secretary Alphonso Jackson. (Mr. Jackson announced in May that he planned to repropose a rule that would revamp HUD's Real Estate Settlement Procedures Act regulations.) "We are committed to a level playing field" for yield-spread premiums and initial disclosures, Mr. Armbruster said. He said that if HUD does not come back with a rule that the mortgage broker industry likes, the regulators will once again have "a fight on their hands," referring to the successful industry campaign to quash the original proposal.