|
|
 |
|
|
As currently written, both the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) requirements are confusing to consumers and cumbersome for industry practitioners. Comprehensive reform of RESPA and TILA could improve access to mortgage finance and accommodate technological changes that can benefit consumers, while at the same time quelling essentially fruitless litigation that continues to plague the industry and increases costs to consumers. Moreover, by making the mortgage transaction much more transparent to the consumer, reform could also significantly reduce abusive lending practices. Prior to HUD's March 14, 2008 proposed RESPA reform rule, MBA worked closely with a task force of MBA members to develop a range of reform options that will truly improve the settlement process and reduce costs for the mortgage industry and consumers. These options include a simplified GFE and HUD-1 that would be accompanied by regulatory changes to bring efficiencies to the market to lower consumer costs. These options, including the proposed forms, may be found at www.mortgagebankers.org/respa.htm.
MBA's residential committees are currently reviewing the proposed RESPA reform rule and the Association will submit public comments that it will be posted to this page.
|
|
|