What's Next for RESPA Reform?

This morning probably finds your scratching your head and asking “What’s Next?” for the future of RESPA Reform.  H.R. 1728’s passage in the U.S. House yesterday has many wondering if they still need to get and stay RESPA Ready.  The Congressional Quarterly says the future of H.R. 1728 is “murky”.  Remember this gem from School House Rock of a Bill’s long journey of trying to become a Law? 

Here’s a summary of what steps would need to come next:  The Senate would need to introduce and pass a complimentary bill.  Then the individual bills would be brought into parity in Conference Committee.  Following that, both houses of Congress would then vote again.  It would then go to the President for signature.  That’s a lot of steps that would need to line up just right … and even then we’re likely only talking about a delay in implementation dates.

I’d like to hear your thoughts about whether yesterday’s events change your outlook and perspective on RESPA readiness.  Happy Friday Everybody!