HUD Releases RESPA Rule-President Talks About Rule in Economic Speech

March 14, 2008

HUD released the long awaited proposal to reform RESPA to "Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs" and to "protect consumers from unnecessarily high settlement costs." ALTA today issued a press release agreeing with HUD's objectives for the rule, but questioning whether the rule falls short. It does not simplify the transaction and may in fact inhibit shopping. ALTA will be developing comments to submit to HUD during the 60 day comment period that will be open until May 13, 2008. ALTA encourages members to submit individual comments to HUD. We have a special email address: where you can send your reactions to the rule and copy us on comments your company sends to HUD.

Contact ALTA at 202-296-3671 or

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.