Real Estate Settlement Procedures Act (RESPA): Disclosure of Fees Paid to Mortgage Brokers (Retail Lenders), and Notice of Consideration of Negotiated Rulemaking

Samenvatting

The Department has developed a proposed rule presenting alternative approaches to the disclosure of fees to retail lenders and other matters relating to such fees that are addressed in HUD's current regulations implementing the Real Estate Settlement Procedures Act (RESPA). Under this proposed rule, the Department specifically seeks comments on whether the disclosure of indirect fees paid to mortgage brokers is useful to the consumer and should continue to be required. Disclosure of direct charges imposed upon the borrower or seller is clearly required under Section 4 of RESPA and is not the subject of this proposed rule. The Department also has commenced the convening process to determine whether to establish a committee for negotiated rulemaking on this proposed rule. If negotiated rulemaking appears desirable and feasible, then the Department expects to undertake the establishment of such a committee by publication of a separate notice in the Federal Register. If a negotiated rulemaking committee is formed, the public comments concerning the substance of this proposed rule will be given to the committee for consideration in its deliberations. If it is determined that a committee