On Friday, November 13, 2009, the Department of Housing and Urban Development (HUD) announced a period of "restraint" in enforcing the new Real Estate Settlement Procedures Act (RESPA) rule, which will go into effect on January 1, 2010. The period of restraint will last for 120 days.
Enforcement restraint will be shown for FHA approved lenders acting in good faith to comply with the new rule, including the mandatory Good Faith Estimate and the HUD-1. HUD also asked other federal and state enforcement agencies to exercise restraint. HUD Secretary Shaun Donovan stated: "While we will not delay implementation of RESPA's new requirements, we are sensitive to the concerns of the industry as it integrates the new rules into their day-to-day business practices."
Contacts: Scott Rinn, 202-383-7508 Contacts: Marcia Salkin, 202-383-1092 Contacts: Kenneth Trepeta, 202-383-1294
Monday, November 23, 2009
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