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HUD Issues ANPR on RESPA's "Required Use"

On June 3, 2010, the U.S. Department of Housing and Urban Development (HUD) published in the Federal Register an Advanced Notice of Proposed Rulemaking (ANPR) commencing the process of initiating rulemaking directed to strengthening and clarifying the prohibition against the ‘‘required use'' of affiliated settlement service providers in residential mortgage transactions under section 8 of RESPA.  HUD seeks comment from an array of sources with experience or knowledge of affiliated business arrangements in residential mortgage transactions.  HUD also welcomes comment on actions in addition or as an alternative to rulemaking that would better address concerns with affiliated business arrangements in residential mortgage transactions.  Click here for a copy of the proposed rule.

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