Is it likely that RESPA will be repealed?

Submitted by mschuster on Wed, 04/29/2009 - 10:57am
in

Yesterday, the  House Financial Services Committee attached an amendment to the Mortgage Reform Act (H.R 1728) that would delay implementation of RESPA reform. It would also require the Fed and HUD to work together and harmonize provisions of TILA reform and RESPA reform and synchronize their implementation schedules. Someone asked me this morning if it was likely that RESPA would be repealed. I don’t think we can place odds on that right now. Yesterday’s committee vote was one of many steps that would be necessary.  Following are several links to industry information that has come out in the last few hours on this change:
 
http://www.alta.org/images/PDF/09-04-28_HR_1728.pdf
 
http://newsmanager.commpartners.com/respro/issues/2009-04-28.html
 
http://www.mortgagebankers.org/tools/FullStory.aspx?ArticleId=3952
 
What do you think should happen to the current RESPA regulation? Should it stay on it’s present implementation schedule? Should it be revised to coordinate with the implementation of TILA reform? Please share your thoughts/opinions about this.