ALTA: 2002 proposal got 25 times more comments
Posted in RESPA reform By Matt Carter, Thursday, June 5, 2008.With the June 12 deadline for comments looming, ALTA is reminding members to get their two cents in. Only 1,500 comments have been filed so far -- compared to 40,000 in 2002 -- and the group says "We need to have a much better response if we hope to affect the final rule."
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Submitted by Diane Cipa on June 5, 2008 - 5:03pm.
Hi, Matt. I forced myself to wait before commenting here just to see if anyone else would.
This in itself is indicative of what I think is just plain weariness in our ranks.
Our collective industry has gone through a disaster. The survivors are tired and faced with so many legislative and regulatory issues flying around that at some point I think many are just tuning it out. I can't blame them.
Submitted by Dave Wirsching on June 5, 2008 - 6:13pm.
Diane's right, some of its weariness, but more of its disinterest and attrition.
The Realtors aren't really interested - nothing has a huge impact on them. This removes a huge number of commenters from the fray.
Attrition has left few independent voices in title, appraisal and mortgage broker ranks. Those that are left have little time for the battle - too bad, they should.
Most importantly, the lenders are keeping mum. If these changes get through, they will have won a victory that will allow them, along with their affilates, to crush their competition. No reason to complain.
Submitted by Matt Carter on June 6, 2008 - 8:22am.
That's some interesting insight -- we've been debating how much time to devote to our RESPA reform coverage because there doesn't seem to be as much interest this time around. What Diane and Dave are saying about attrition, weariness and disinterest helps explain that.
I know I personally sometimes feel overwhelmed trying to keep track of all the legislative and regulatory issues that are in play right now -- you've got HOEPA-TILA-Reg Z changes, GSE reform, FHA modernization, Cuomo's deals with Fannie and Freddie and now the rating agencies, and a whole slew of bills at the state and federal level that have the potential to profoundly change what's left of the mortgage lending industry. I'm sure I'm leaving some other important stuff out, too.
I also wonder, though how much of the lack of interest in RESPA reform this time around might be because HUD has addressed some of the concerns folks had with the previous proposal(s)?
Submitted by Diane Cipa on June 6, 2008 - 9:03am.
Matt: I was vehemently opposed to the last GFE proposal and to packaging. I expressed my concern not just in HUD comments but also in letters to the White House and Congress. Yes, you are correct. HUD addressed all the objections I had to the previous proposal. I think, given the history of this reform effort, that they did a yeoman's job of considering and acting on the vocalized concerns of many competing interests.