On May 7th HUD extended the public comment period for the proposed RESPA rule by 30 days, until June 12, 2008. The extension was granted by HUD after requests from both the industry and congress.
The proposed rule is several hundred pages in length when you include the appendices and RIA (Regulatory Impact Analysis). The extension is designed to allow those interested in commenting on the new rule enough time to review the rule and review interactions between the proposed rule and current state and federal laws.
149 members of congress were signatories on a letter from Reps. Ruben Hinojosa and Judy Biggert that requested the extension. Industry groups such as the National Association of Federal Credit Unions, the Mortgage Bankers Association and the National Consumer Law Center also became signatories to the letter.
The extension should allow for more thoughtful comments to be brought forward that include the first comments on disclosures that have not yet been reviewed by the public. HUD is still committed to complete the RESPA rule revision prior to the end of the current administration, sometime in 2008.
