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Mortgage Bankers Association to Scrap New RESPA Rules

Mortgage Bankers Association is dissatisfied with the new Real Estate Settlement Procedures Act or RESPA rules and is seeking revocation of the same. A letter to this effect has been sent to the newly appointed Housing Secretary Shaun Donovan by a group of banks led by the Mortgage Bankers Association.

The new RESPA rules, which were put in force to control loan disclosures, title insurance and other provisions of settlement services, are being opposed by a wide section of the banking industry. There would be more problems and less benefit contrary to what has been projected by the Department of Housing and Urban Development (HUD), the industry feels.

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