RESPA Plan May Be Delayed

Department of Housing and Urban Development officials have confirmed that they plan to publish a "plan of action" in the Federal Register for the latest proposal to reform the Real Estate Settlement Procedures Act, but they say it may take longer than some observers thought.Officials at the National Association of Mortgage Brokers were expecting to see the department's roadmap for achieving RESPA reform released June 17, but HUD Secretary Alphonso Jackson says he intends to consult with Congress before the department starts working with industry and consumer groups on RESPA reform. The Federal Register notice is expected to lay out the process for those consultations with industry and consumer groups. Congressional consultations are under way, a HUD spokesman said. But "[u]ntil we are satisfied they are done, we are not going to announce our roadmap for RESPA reform," the spokesman said.