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McLean VA – July 30, 2009 – The National Association of Mortgage Brokers (NAMB) today expressed its disappointment with the United States District Court’s decision on its lawsuit against the Department of Housing and Urban Development (HUD) over the controversial Real Estate Settlement and Procedures Act (RESPA) final rule issued in November of 2008. District Court Judge Robertson ruled in favor of HUD, stating that the agency in fact did not violate the Administrative Procedures Act (APA) before issuing the RESPA final rule, and that NAMB did not demonstrate that HUD acted in an “arbitrary and capricious” manner. |
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Dear NAMB Members, Please call your Representatives today and urge them to cosponsor H.R. 3044. The bill was introduced by Representatives Childers (D-MS) and Miller (R-CA) and it calls for an 18 month moratorium on the Home Valuation Code of Conduct (HVCC). Click here for a copy of NAMB’s press release on H.R. 3044. |
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Last week ALTA held meetings with the Treasury Department and with key House Financial Services Committee staff to explore administration and congressional openness to modifying the President's legislation to create a new Consumer Financial Protection Agency (CFPA) as it affects the title insurance industry. As previously discussed, our concern is that powers proposed to be given to the new agency are so broad as to effectively nationalize the regulation of title insurance. Our proposal is to limit federal oversight of the industry to existing authority as spelled out under RESPA and TILA. The door was not slammed in our face, so we are working on language. |
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LEGISLATIVE ALERT FRB Issues Proposed Changes to Regulation Z (Truth in Lending) On July 23, 2009 the Federal Reserve Board issued significant proposed changes to Regulation Z (Truth in Lending). The proposed changes affect Home Equity Lines of Credit (HELOCs) and Closed-End Mortgages and address all loan originator compensation. NAMB is in the process of reviewing these lengthy changes, and |
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