RESPA REFORM CONGRESSIONAL HEARING SET FOR NOVEMBER 12, 2008 AT 2:00 PM EST

Federal Housing Commissioner/Assistant Secretary for HUD Brian Montgomery, Deputy Assistant Secretary for Regulation Gary Cunningham, and Director of RESPA Ivy Jackson will appear before the U.S. House Financial Services Committee today, November 12, 2008 at 2:00 PM EST to discuss HUD’s new final RESPA rule.

The actual rule is still not available to the public but Housing and Urban Development (HUD) expects the rule to be published in the Federal Register in the coming days.

Some details have been released by Brian Montgomery including the elimination of the controversial closing script and a reduction of the Good Faith Estimate (GFE) from 4 pages to 4 pages (that’s correct 3 pages for the GFE and 1 page explaining the 3 page GFE).

Click here see a preview of the HUD-1 Settlement statement.

Stay tuned to see what happens with this new rule….I suspect the fireworks will begin shortly.