CLTA News Express
An Express Article from the California Land Title Association
HUD Responds to Title Industry Pressure and Extends Comment Period on Proposed Mortgage Reforms
Additional 30 Days to Allow for more Thoughtful Comment on new "Good Faith Estimate"
Bulletin 07/08-136 - May 8, 2008
The U.S. Department of Housing and Urban Development announced today that it is extending the public comment period on the "Proposed Rule to Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs" by 30 days. The deadline for comments on the RESPA reform proposal has been moved from May 13, 2008, to June 12, 2008. See HUD’s official press release.
The CLTA would like to thank the individual title company members and affiliate members that participated in our effort to convince HUD to extend the deadlines for the commenting period.
CLTA continues to work closely with the ALTA, the California Escrow Association, the American Escrow Association, and other state associations across the country to push for substantial changes, especially related to the "Closing Script" requirements.
Congratulations to all of you who were involved in this effort.
