Industry News
January 20, 2009
HUD Postpones Implementation of Final Rule's Required Use Provision
The Department of Housing and Urban Development (HUD) has agreed to a 90-day delayed implementation of the RESPA final rule’s required use provision that would otherwise have taken effect on Jan. 16.
HUD made the decision after the National Association of Home Builders filed a lawsuit against HUD on Dec. 22 for allegedly violating the law with the final rule, which bans builders from offering buyers discounts when they use a homebuilder’s affiliated mortgage company.
