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For
Immediate Release
Contact:
Natalie Bachiri (703) 610-0260
June 27, 2002
NAMB Responds to
HUD's Proposed RESPA Reform
The National Association of Mortgage Brokers (NAMB)
applauds the Department of Housing and Urban Development (HUD) and
Secretary Martinez for creating a proposal to reform the Real Estate
Settlement Procedures Act (RESPA) announced by Martinez at the National
Press Club Wednesday, June 26. NAMB has advocated mortgage reform for years
and has been instrumental in working with HUD and other organizations to
streamline and simplify the mortgage process for consumers. The HUD
proposal seems to take meaningful steps toward curbing abusive, or
"so-called predatory," lending practices which have impacted
homeowners across the country.
The
overview provided Wednesday does not present the full picture. Without the
ability to review the proposal in its entirety, NAMB cannot at this time
commit to supporting the HUD proposal to reform the regulatory requirements
under RESPA.
NAMB is
anxious to review the proposal when it is published in the Federal Register
to determine the Association's position. NAMB is hopeful that HUD has
recognized the importance of creating "a level playing field for all
industry providers" and that all disclosures reflect this belief
stated in the "homebuyer bill of rights."
It is NAMB's position that any change in the process,
especially to any disclosures, be mandatory for all loan originators.
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To
schedule an interview with NAMB's president,
Armand Cosenza Jr., CRMS, please contact NAMB's communications department at (703) 610-0260.
The National
Association of Mortgage Brokers (NAMB) is the voice of the mortgage broker
industry with more than 13,000 members and 45 affiliated state associations
throughout the country. NAMB provides education, certification, and
governmental affairs representation for the mortgage broker industry, which
originates more than half of all residential loans in the United States.
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