Federal regulators say there will be no further delays in implementing the proposed changes to the Real Estate Settlement Procedures Act (RESPA).
In a letter to industry groups signed by Federal Housing Commissioner David Stevens, the Department of Housing and Urban Development said it is imperative that the new rules be fully operational on schedule.
There's still a possibility that Congress could intervene. Rep. Judy Biggert (R-Ill.), who has fought RESPA changes for more than five years, has proposed a delay in implementation of the current changes for a reasonable amount of time.
Banks are apparently willing to let the changes go through at this point. Wells Fargo Home Mortgage executives wrote HUD this week saying: We have already programmed the mandated RESPA changes into over 40 computer systems and have no choice but to proceed with implementation of the new forms on Jan. 1.
Source: Inman News, Matt Carter (10/16/2009)