They have launched a call for action on the current RESPA proposed rule.
They are attempting to collect a maximum number of responses to present to HUD. As you may have read if you have been following this proposal, the current proposed rule has far reaching implications and goes way beyond what they were led to believe HUD would be focusing on, i.e. an improved Good Faith Estimate that matches up better to the HUD 1. The new proposal has a number of features that will negatively impact the industry including adding complications to the closing process, the interaction between real estate firms and other settlement service providers, restrictions on the ability to offer even the most minor incentives, and a more complicated GFE that does not match the HUD 1 and is confusing.
It is there hope that you will comment on the proposal as well as encourage others to offer comments as well.
