Reform of the Real Estate Settlement Procedures Act (RESPA)

Welcome to MBA.

Search for:
In:

Market Focus:

About MBA

News and Media

Research and Forecasts

Advocacy

Industry Resources

Professional Development

Membership

On November 12, 2008 the Department of Housing and Urban Development (HUD) released an extensive Real Estate Settlement Procedures Act (RESPA) final rule that includes: (1) a new a standard three-page GFE form, (2) a new HUD-1 and HUD-1A, (3) imposes tolerances to limit increases in settlement charges, (4) permits "average cost pricing" (5) redefines "required use" and (6) makes several other changes including technical revisions. The new forms are not required until January 1, 2010 but other provisions of the rule such as "average cost pricing" become effective at the rule’s effective date, anticipated to be January 16, 2009.

Issues Update

Date
10/13/09	Joint Trade Letter on Defects with Changing RESPA Requirements and Need For Alternative Implementation Schedule
5/14/2009	Industry Letter on RESPA and TILA Disclosures
4/27/2009	Joint Trade Letter on RESPA Amendment in Congress
2/9/2009	MBA Urges Withdrawl of RESPA Rule and Coordination with TILA Rulemaking
12/16/2008	MBA Responds on the Record on RESPA
11/14/2008	MBA Summary: Key Points in RESPA Rule
11/12/2008	MBA Commends HUD's Effort to Reform RESPA
6/11/2008	MBA Comment Letter: MBA Issues Formal Comments on HUD's RESPA Proposal
5/22/2008	MBA Testimony: “The Real Estate Settlement Procedures Act (RESPA) and Its Impact on Small Business”
3/14/2008	MBA Press Release: MBA Applauds HUD for Proposed RESPA Rule, Cautions About Potential for Consumer Confusion
2/29/2008	MBA Policy Paper: Preliminary Review of HUD’s Forthcoming Proposed RESPA Rule
7/25/2005	Summary of HUD's 2004 Rule as Described by HUD at its RESPA Roundtables
1/6/2004	MBA Testimony: RESPA Regulations: Working Behind Closed Doors to Hurt Small Businesses and Consumers
9/12/2003	Industry Coalition Letter: RESPA Guaranteed Mortgage Package
4/8/2003	MBA Testimony: HUD's RESPA Reform Proposal
3/19/2003	Industry Coalition Letter: RESPA Guaranteed Mortgage Package
10/28/2002	MBA Comment Letter: RESPA; Simplifying and Improving the Process of Obtaining Mortgages to Reduce Settlement Costs to Consumers

HUD RESPA Resources

Additional Resources

MBA Seeks Input on Proposed Approach to RESPA Reform »

RESPA Reform Proposed Rule 3-14-08 »