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While NAR supports limited RESPA reform that provides consumers with clearer and more understandable disclosures, HUD’s latest RESPA reform proposal goes far beyond improved disclosures. Instead it focuses on adding complex changes to the real estate settlement process that will increase the cost and extend the length of closings for both REALTORS® and home buyers. 

These proposed changes come at the wrong time. Neither the industry nor consumers can afford to deal with controversial wholesale changes to the settlement service industry. In addition, the proposed rule tips the balance of control to large lending institutions through lender controlled packaging. NAR expects that many of HUD’s provisions will generate legal challenges, creating delay in implementation and uncertainty for providers and consumers alike.

NAR urges all REALTORS® to write a letter to HUD to express your opposition to the proposed new rules and to convey your dismay that they have ignored industry and consumer input and are proposing sweeping changes that won’t work.