Referendum on RESPA Reform (2003)

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Years of efforts to promote mortgage finance reform culminated in proposed amendments to the Real Estate Settlement Procedures Act (RESPA) in July 2002. The 93-page amendment submitted by HUD secretary Mel Martinez has three pillars: a safe haven from liability under Section 8's anti-kickback provisions for those who offer Guaranteed Mortgage Packages; imposition of tolerance levels for estimated closing costs; and recharacterization of lender-paid mortgage broker compensation as a credit to the borrower. The article analyzes these changes and the response of commenters. Mr. Kolar co-authored with attorney Nikita Pastor on this article, which appeared in Mortgage Banking magazine in February 2003. It is reprinted with permission.

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Published In: Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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