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HUD EXTENDS COMMENT PERIOD ON PROPOSED MORTGAGE REFORMS
Additional 30 days to allow for more thoughtful comment on new 'Good Faith Estimate'
WASHINGTON - The U.S. Department of Housing and Urban Development today announced that it is extending the public comment period on the Bush Administration's proposed reforms to the real estate settlement process. The comment period for the Department's proposed rule to simplify and improve the process of obtaining mortgages and reducing settlement costs under the Real Estate Settlement Procedures Act (RESPA) will be extended 30 days until June 12, 2008.
"This critical rule will improve the complicated homebuying process and save families money at the settlement table. In light of Congressional and industry requests to extend the comment period for the rule, and our desire to develop the best possible rule, we are allowing additional time. However, we remain committed to finalizing a rule before the end of the Administration," said Deputy Secretary Roy A. Bernardi.
Over the past few years, HUD has aggressively reached out to interested consumer and industry groups to accept and give careful consideration to their thoughtful views and proposals to reform RESPA.
Since 1974, little has changed about how Americans buy and refinance their homes. Given the recent increase in home foreclosures, HUD remains committed to improving the complicated, unclear and costly homebuying process. HUD's proposal reforms to the more than 30-year old RESPA rules and improves disclosure of the loan terms and closing costs consumers pay when they buy or refinance their home. Visit RESPA reforms to learn more about the proposed rule.
The public comment period on HUD's proposed RESPA reforms was set to expire on May 13, 2008 prior to today's announcement.
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