Oxley Says HUD Should Reissue RESPA

The House Financial Services Committee chairman also said Tuesday that the Department of Housing and Urban Development should reissue for additional comment its proposed reform of Real Estate Settlement Procedures Act regulations.Rep. Michael Oxley, R-Ohio, argued that "it's only fair" that additional comments on the controversial rule should be considered -- that is, if there are changes to the original proposal. The revamped RESPA regulation is currently at the Office of Management and Budget. The OMB's 90-day comment period ends on March 16. No one in the mortgage industry has seen the final version of HUD's revamped RESPA regulation, which aims to simplify and clarify the closing process for consumers.