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Inactive Financial Institution Letters 

Real Estate Settlement Procedures Act (RESPA)

FIL-56-97
June 2, 1997

 

TO: CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER
SUBJECT: HUD Seeks Comments on Proposed Revisions to Regulation X

The Department of Housing and Urban Development on May 9, 1997, proposed to modify certain sections of Regulation X, which implements the Real Estate Settlement Procedures Act. The proposal is being issued to carry out changes to RESPA adopted by the Congress on September 30, 1996.

The proposed changes to the Regulation will affect the following areas:

    Payment of fees/bonuses to employees for referring customers to a mortgage subsidiary.

    Disclosure of affiliated business arrangements in conjunction with referrals where the marketing is done through telephone or electronic media.

    Disclosure of sales or transfer of mortgage servicing at the time a customer makes application for a mortgage loan.

Comments on the proposed revisions are being accepted through July 8, 1997. Comments should be sent to:

    Rules Docket Clerk
    Office of General Counsel, Room 10276
    Department of Housing and Urban Development
    451 Seventh Street, SW
    Washington, DC 20410-0500

The following staff members at HUD may be contacted for further information on the proposed revisions:

    David R. Williamson, Director, Office of Consumer and Regulatory Affairs,
    Telephone: (202) 708-4560

    Kenneth A. Markison, Assistant General Counsel for GSE/RESPA, or
    Grant E. Mitchell, Senior Attorney for RESPA, or
    Richard S. Bennett, Attorney
    Telephone: (202) 708-1550

FDIC staff who may be contacted for further information on the proposed revisions are:

    Ken Baebel, Sr. Review Examiner, Division of Compliance and Consumer Affairs, (202) 942-3086, (E-mail: JBaebel@FDIC.gov), or

    Gladys Cruz Gallagher, Counsel, Regulation and Legislation Section, Legal Division, (202) 898-3833, (E-mail: GGallagher@FDIC.gov).


Carmen J. Sullivan
Director

Attachment: Federal Register, Vol. 62, No. 90, pp. 25739-25749

Distribution: FDIC-Supervised Banks (Commercial and Savings)

Last Updated 07/16/1999 communications@fdic.gov