October 12, 2002

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Rules Docket Clerk
Office of General Counsel
Room 10276
Department of Housing and Urban Development
451 Seventh Street, S.W.
Washington, D.C. 20410-0500

RE: Proposed Rule on Real Estate Settlement Procedures Act (RESPA); Simplifying and Improving the Process of Obtaining Mortgages To Reduce Settlement Costs to Consumers; Docket No. FR-4727-P-01; 67 Fed. Reg. 49134 (July 29, 2002)

Dear Sir or Madam:

I recently closed a real estate transaction in which [insert name of company] handled the settlement. During the closing process, the company told me that HUD was considering changes to its RESPA regulations that would encourage lenders to package all settlement services in a single price, with the lender having the right to select the providers of the various services. While simplifying the pricing of settlement services is a very desirable objective, I want to express my view as a consumer that I believe I should continue to have the right to select the title or settlement company that will provide services to me in my transaction and that lenders should not be allowed to require me to use the providers that they choose. I selected [name of company] because I felt they would do the best job for me and I was very satisfied with their services.

My closer also told me that their trade association, the American Land Title Association, has suggested to HUD that, instead of having lenders provide packages of loans and all settlement services, lenders should offer a package containing a proposed loan and all of the charges the lender requires for making that loan, while anyone else, including title and settlement service companies, should offer a package of other settlement services. I believe that this approach is a good one and would ensure that more companies, and not just lenders, would be competing for my settlement services business.


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North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.