Housing Legislation Inches Toward Passage in Congress

Omnibus housing legislation stalled in the Senate could be approved by the end of this week. The bill has been held up by parliamentary maneuvering, which is expected to be resolved shortly. However, the new head of the Department of Housing and Urban Development expressed some concern this week with the legislation, particularly about a provision that would place a moratorium on risk-based pricing.

Democrats and Republicans are also still at odds over permanent conforming loan limits, a controversial proposed tax credit, the timing for the establishment of a new regulator for the government-sponsored enterprises and a new FHA program to help troubled borrowers.

HUD to Explain RESPA Plans at Upcoming Audio Conference

The Department of Housing and Urban Development’s plans to overhaul its RESPA regulations is the focus of a major audio conference to be held by Inside Mortgage Finance next Wednesday, April 23, at 3 pm EDT.

HUD Deputy Assistant Secretary for Regulatory Affairs Gary M. Cunningham will review and explain the agency’s strategy for revamping the Good Faith Estimate and the HUD-1 Settlement Statement, as well as proposing a new closing script. RESPA legal experts Jay Varon from Foley & Lardner LLP and Phil Schulman from K&L Gates LLP will discuss the real estate and mortgage industry’s concerns with the proposed RESPA changes.

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HUD Inches Toward RESPA Complaint Web Site

The Department of Housing and Urban Development is soliciting comments for the third time in four years on a proposed Web site through which complaints regarding alleged violations of the Real Estate Settlement Procedures Act can be filed. HUD said the Web site will be used to assist in RESPA enforcement and protect consumers against unfair and illegal fees and charges, as well as abusive lending practices. After years of delays, the proposal was sent to the Office of Management and Budget for review last week.