Donovan announces intent to move forward with RESPA reform
Donovan announces intent to move forward with RESPA reform
WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today announced his intention to implement the mortgage reforms under the Real Estate Settlement Procedures Act (RESPA) that are scheduled to take full effect on January 1, 2010. For the first time in more than 30 years, HUD is updating mortgage rules to help consumers shop for the lowest cost mortgage, avoid costly and potentially harmful loan offers, and save an average of $700.
Source: http://www.hud.gov/news/release.cfm?content=pr09-058.cfm
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