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- RESPA: The Real Estate Settlement Procedures Act
- The Real Estate Settlement Procedures Act RESPA is a consumer protection statute, first passed in 1974. One of its purposes is to help consumers become better shoppers for settlement services. Another purpose is to eliminate kickbacks and referral fees that increase unnecessarily the costs of certain settlement services. RESPA requires...
- White papers 2005-07-01
Additional Resources
- NAR Asks for Additional Hearings and Extended Comment Period on Administration's RESPA Proposal
- WASHINGTON, Oct. 15 /U.S. Newswire/ -- Congress should hold additional hearings next year on the administration's proposal to dramatically change the Real Estate Settlement Procedures Act RESPA and the Department of Housing and Urban Development should WASHINGTON, Oct. 15 /U.S. Newswire/ -- Congress should hold additional hearings next year on...
- Research articles 2002-10-15
- HUD withdraws RESPA rule for further review
- THE DEPARTMENT OF HOUSING AND URBAN Development HUD has withdrawn its final rule to reform the Real Estate Settlement Procedures Act RESPA. In a letter to the Office of Management and Budget OMB, Acting HUD Secretary Alphonso Jackson wrote, "The administration is strongly committed to efforts to simplify, improve...
- Research articles 2004-05-01
- Real estate brokerage settles RESPA violation charges
- A HAWAII-BASED REAL ESTATE BROKERAGE will pay HUD nearly $50,000 to settle complaints that the firm violated the Real Estate Settlement Procedures Act RESPA. Prudential Locations LLC, Honolulu, agreed to pay $48,000 to resolve HUD's complaint that the real estate brokerage leased a luxury car, offered vacations and provided...
- Research articles 2005-11-01
- HUD settles RESPA kickback charges with builder, title company
- A New Mexico-based home builder and a Florida-based title company will pay HUD nearly $90,000 to settle charges that the two firms were engaged in a business arrangement that traded kickbacks for referrals in violation of the Real Estate Settlement Procedures Act RESPA. HUD alleged that Jacksonville, Florida-based Fidelity...
- Research articles 2007-05-01
- Don't Expect RESPA Reform Soon
- The article explains HUD proposed sweeping changes to RESPA that would dramatically change the mortgage application process. The proposed changes consist primarily of changes to the Good Faith Estimate GFE and the creation of a new mortgage-settlement product called the "Guaranteed Mortgage Package" or "GMP." The proposed rules are lengthy...
- White papers 2002-12-01
- Senate Leaders Indicate They Will Amend RESPA
- Sen. Wayne Allard, R-Colo., chairman of the Senate Banking Committee Subcommittee on Housing, has indicated that the committee will amend the Real Estate Settlement Procedures Act early in the 107th Congress. Allard, with support from Sen. Phil Gramm, R-Tex., chairman of the full Banking Committee, is developing a proposal based...
- Research articles 2001-01-01
- Senate panel examines RESPA reform
- On April 8, the Senate Banking Committee held its second hearing on the RESPA reform proposal published in July 2002 by the Department of Housing and Urban Development. Witnesses included Rep. Donald Manzullo, R-Ill., Chairman of the House Committee on Small Business, several representatives of the mortgage lending, real estate,...
- Research articles 2003-03-22
- ALTA Weighs in with HUD on RESPA, Praises Congress Members for Winning More Time to Consider Key Changes
- WASHINGTON -- The American Land Title Association ALTA has filed its formal comments with the Department of Housing and Urban Development on proposed rules to amend the Real Estate Settlement Procedures Act RESPA.
- Research articles 2008-05-14
- Alta Applauds U.S. Small Business Administration for Its Recommendations to HUD on RESPA Proposal
- WASHINGTON -- The American Land Title Association ALTA applauds the U.S. Small Business Administration SBA for its recommendations in a June 11, 2008 letter to the Department of Housing and Urban Development HUD on its proposed regulations on the Real Estate Settlement Procedures Act RESPA.
- Research articles 2008-06-13
- NAR Statement on Withdrawal of RESPA Regulation
- WASHINGTON, March 22 /U.S. Newswire/ -- The National Association of Realtorsr issued the following statement today by NAR President Walt McDonald on the administration's decision to withdraw the proposed rule on the Real Estate Settlement Procedures Act RESPA from the Office of Management and Budget OMB: "We look forward to...
- Research articles 2004-03-22
- HUD's RESPA rule postponed until spring
- The Department of Housing and Urban Development has pushed back its goal to finalize a proposal to revise rules governing home mortgage settlement procedures, but has restated its aim to revise the Real Estate Settlement Procedures Act regulations. HUD originally advised that a rule would be published in January 2003,...
- Research articles 2003-01-01
- HUD to open RESPA reform discussion in 30 to 45 days
- In 30 to 45 days, the Department of Housing and Urban Development will be ready to begin meetings with Congress and affected industry groups en route to developing and issuing a new proposed rule to reform the Real Estate Settlement Procedures Act. HUD Secretary Alphonso Jackson said the department is...
- Research articles 2004-03-22
- Statement by Kurt Pfotenhauer, CEO American Land Title Association on HUD's Extension of RESPA Comment Period
- WASHINGTON -- The following statement was issued today by Kurt Pfotenhauer, CEO of American Land Title Association: "On behalf of the members of the American Land Title Association, I commend HUD for extending the comment period on its proposed rule to amend the Real Estate Settlement Procedure Act RESPA...
- Research articles 2008-05-07
- Some RESPA clarification. (Real Estate Settlement Procedures Act) (Brief Article)
- Some RESPA clarification. Publication on March 15 in the Federal Register makes it official: changes to the Real Estate Settlement Procedures Act affecting subordinate liens, such as home equity loans, will not affect those credits until the Department of Housing and Urban Development finalizes implementing rules....
- Research articles 1993-05-01
- Congressman Ehrlich: RESPA warrior
- Congressman Robert L. Ehrlich Jr. (R-Maryland) has played a lead role in trying to win some relief for the industry froth the ongoing threat of class-action suits under the Real Estate Settlement Procedures Act RESPA. The Baltimore native, an attorney, has served in the House since January 4, 1995. Rep....
- Research articles 1998-11-01
- RESPA The Inside Story
- The lead attorney inside HUD for much of the quirky history of the Real Estates Settlement Procedures Act recalls what it was like in the combat zone. In its 25-year history, the Real Estate Settlement Procedures Act RESPA has had a profound effect on the course of residential mortgage...
- Research articles 1999-11-01
- Will RESPA reforms bring bundling to settlement services?
- This former senior RESPA attorney at HUD offers his views on the settlement-services bundling issue. He says consensus seems to be building that bundling is an idea whose time has come. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT HUD SECRETARY MEL Martinez issued a much-awaited policy statement on yield-spread premiums...
- Research articles 2002-05-01
- MBA Chairman testifies on proposed RESPA rule
- MORTGAGE BANKERS ASSOCIATION OF AMERICA MBA Chairman John A. Courson stated in testimony before the Senate Banking Committee that the industry continues to support Department of Housing and Urban Development HUD Secretary Mel Martinez's efforts to reform the regulations implementing the Real Estate Settlement Procedures Act RESPA. "Secretary Martinez...
- Research articles 2003-05-01
- Supreme Court Denies RESPA appeals
- THE U.S. SUPREME COURT DENIED REQUESTS by plaintiffs for review of three important Circuit Court decisions in June involving interpretation of the Real Estate Settlement Procedures Act (RESPA.) The court denied a consolidated petition to review Heimmermann v. First Union and Hirsch v. Bank of America (11th Circuit), and Krzalic...
- Research articles 2003-08-01
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