Why Does The Fate Of RESPA Reform Look So…Certain?

While the news about the health of the overall economy is …well, varied.  And reports about the house-market could be described as schizophrenic.  The news about the financial health of individual consumers seems more consistent.  They feel as though someone sprayed Weed Be Gone on their green shoots of recovery.  Have you seen the stories getting press?
 
Whether the article focuses on loan modifications gone bad due to unscrupulous loan modification companies, loan modifications gone bad because the servicers and investors are blaming each other for being inflexible, unemployment rates rising or Deutsche Bank’s estimate that nearly half of all homeowners will be “underwater” in their homes by 2011, the drumbeat is hard to miss: consumers face many more hurdles along the road to recovery.
 
How does this impact the future of RESPA Reform?  It’s simple.  Elections.  Consumers are smarting and elections, at least from Washington’s perspective, are always right around the corner.  It’s a good time to be pro-consumer in D.C. if for no other reason because re-election is never far away.
 
The updated RESPA rule is intended to be pro-consumer, pro-competition, pro-disclosure.  If you held office would you vote to repeal it?  Probably not.  That’s why we’re committed to helping ensure you are RESPA Ready.  Stay informed, remain proactive and lead your business and your community in preparedness by continuing down your RESPA Ready path each day.