builder affiliated lenders: HUD Suspends New Rule That Would Have Outlawed "Required Use" of A Builder's Affiliated Mortgage Company
- 04/07/09 07:43 AM
On Friday, March 6th, HUD announced that they were going to further delay implimentation of the new RESPA rule that would have made it illegal for builders to require home buyers to use their affiliated mortgage lenders. This rule, which was part of a larger RESPA reform, was scheduled to go into effect on January 16, 2009, but was delayed at the last minute until April 16, 2009 because of a lawsuit filed by the National Association of Homebuilders. HUD has once again suspended the implimentation of this rule until July 16, 2009 because of this ongoing litigation and also because HUD would like to … (4 comments)
On Friday, March 6th, HUD announced that they were going to further delay implimentation of the new RESPA rule that would have made it illegal for builders to require home buyers to use their affiliated mortgage lenders. This rule, which was part of a larger RESPA reform, was scheduled to go into effect on January 16, 2009, but was delayed at the last minute until April 16, 2009 because of a lawsuit filed by the National Association of Homebuilders. HUD has once again suspended the implimentation of this rule until July 16, 2009 because of this ongoing litigation and also because HUD would like to … (4 comments)
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