RESPA Reform Finally Progressing

Finally, definitive action is being taken to update and modernize the Real Estate Settlement Procedures Act (RESPA). This is a legal requirement to implement steps that will lead to more simple and understandable procedures for buying and financing a home. It's being pushed by the Department of Housing and Urban Development (HUD). "Simplifying and improving the way consumers buy and refinance homes in this country will drive our campaign along this road to reform," said the HUD Secretary. "There's universal agreement that current regulations can and should be improved to allow even more families to share in the American dream of homeownership." The next step in developing needed reforms is for HUD to host three roundtables with members of industry and consumer groups, to be held this summer. Participation in these sessions is by invitation only. Targeted participants are those individuals and groups that offered an analysis of HUD's previous reform proposals. The purpose of these sessions is to stimulate a meaningful exchange of ideas among participants over the substance of the new RESPA reform proposals.