Obama Administration Committed to RESPA Reform - Are You?

Did you hear what HUD Secretary Donovan said yesterday regarding the future of RESPA Reform?  He announced that the Department of HUD is committed to seeing this RESPA Reform Rule through.  Those of us who watch this issue closely have been waiting for an indication from the new HUD Secretary that would describe their views of the rule (which was published under the previous administration). 
 
Yesterday. Secretary Donovan gave us a clear statement of their views.  He said “This administration is committed to providing consumers with clear and transparent information when they make the biggest purchase of their lives.  We will implement the new RESPA rules as part of broader reforms to the mortgage process. And after further consultation with the public, stakeholders and Congress, we will propose a clearer and more effective ‘required use’ definition that truly protects borrowers from those who force them to use affiliated businesses. Needed consumer protections are too important to allow confusion over one specific provision to hold up needed RESPA reforms.”
 
After last week's passage of HR 1728, some wondered if the future of the reformed RESPA rule was in jeopardy.  I think there are several signs that RESPA reform is a matter of WHEN and not IF.  And I think we should continue to do the things we do when faced with any eventuality, we should continue to prepare ourselves, becoming steadily and proactively ready for change.