RESPA - Required Use Provision
ALTA reports that HUD has announced a 90 day delay of the implementation of the Required Use provision of the new RESPA Regulation scheduled to go in effect on Jan. 12, 2009. The delay is in response to a lawsuit filed by the National Association of Homebuilders seeking an injunction. The Required Use rule would prevent home builders from offering incentives or discournts to buyers that use specific settlement services providers, like title and escrow companies, brokers or lenders. The rule would affect title companies that are affiliated with homebuilders. See article on January 8 at www.housingwire.com.
Posted on behalf of Karl Holtzschue