ALTA® Joins Group White Paper on HUD's RESPA Proposal
January 30, 2002
ALTA Joined a coalition of settlement service provider trade groups in submitting the posted White Paper responding to the positions taken by HUD on RESPA §8(b) in their Policy Statement issued in October 2001. Those groups include NABRTI (National Association of Bar-Related Title Insurers), Realty Alliance (a group representing most of the country?s largest residential real estate brokers), TAVMA (Title & Appraisal Vendorm Management Association), AEA (American Escrow Association), and RESPRO (Real Estate Services Providers Council). Lender trade associations were also members of the coalition, participated in the drafting of the White Paper (ALTA?s outside counsel, Sheldon Hochberg, was the paper?s principal drafter), and fully agreed with all of the paper?s major points, however, they chose to make their views known to HUD seperately. Likewise, the Realtors® agreed with the paper?s conclusion but chose not to publicly endorse it at this time.
We are hopeful that our arguments will encourage HUD to re-think some of their legal positions on RESPA §8(b), particularly relating to it?s purported application to direct consumer charges.
To view White Paper to HUD on Section 8(b) click here.