RESPA Soon, Jackson Tells NAMB

The Department of Housing and Urban Development is preparing to issue a Real Estate Settlement Procedures Act reform proposal soon, according to secretary Alphonso Jackson.The HUD secretary told the National Association of Mortgage Brokers that it is "too early" to discuss the "substance" of the RESPA proposal. "But I will tell you that there will be a new rule proposed very soon." It is believed HUD is working with the White House budget office on the final drafts of the RESPA proposal. The HUD secretary thanked the mortgage brokers for their input at the RESPA roundtables HUD sponsored last summer. "You made a meaningful difference. I am confident, once you see the HUD proposal, it will be much better because we had your help," the secretary said.