NAMB Wants Testing Before RESPA Reform

The National Association of Mortgage Brokers would like to see outside testing applied to any final revision of the Real Estate Settlement and Procedures Act introduced by the Department of Housing and Urban Development, says the group's president, Jim Nabors.Speaking at the annual convention of the Florida Association of Mortgage Brokers in Kissimmee, Fla., Mr. Nabors said such testing should be done before the rule goes into effect and should be like the testing done by the Federal Trade Commission on the rule HUD ended up withdrawing last year. During his brief remarks, Mr. Nabors noted that the NAMB was one of three groups that HUD invited to all six roundtables (three in Washington and three small-business meetings being held across the nation), a fact he termed "pretty impressive." Nothing is close to being finalized, he said, adding that he believes HUD is "keeping an open mind." Regarding packaging of services, which the NAMB opposes, Mr. Nabors said it is too new a concept to be made law under RESPA reform.