An Express Article from the California Land Title Association
The Department of Housing and Urban Development (HUD) released their long awaited RESPA reform proposal on March 13th, 2008. It is a complicated and lengthy rule that could have seriously adverse affects on the title and escrow industry. It is over 96 Federal Register pages long with over 500 pages of economic analysis. This rule took six years for HUD to develop and they have only allowed 60 days for industry, consumer, and Congressional comments.
Representative Ruben Hinojosa (D-TX) and Representative Judy Biggert (R-IL) have authored a Dear Colleague Letter requesting the Office of Housing and Urban Development (HUD) to extend the comment period on the proposed RESPA Rule, which closes on May 13th, for an additional 60 days. The more Members of the U.S. House of Representatives who sign the letter, the better the chance of getting the comment period extended!! Given the extensive changes and sheer volume of the proposed rule an extension would be beneficial so all interested parties have adequate time to review and submit comments.
ALTA asks you to contact your Representative now and ask them to sign the Hinojosa/Biggert Dear Colleague Letter.
What to Do:
Click here and use the message provided, or draft your own message, to ask your representative in Congress to sign the Hinojosa/Biggert RESPA Reform Dear Colleague Letter.
For more information on ALTA's position on RESPA reform, to read the proposed rule or submit comments to HUD click here.
The whole process will take only a few minutes, but it is crucial that your Representative hear from you, so please send your message on RESPA reform now.
If you have any questions or need assistance. Please contact Charlene Nieman, Grasssroots & PAC Manager at 1-800-787-2582 ext. 233 or firstname.lastname@example.org.
Thank you for your assistance.