News from November 2008

November 18, 2008
November 2008 RES Update
Topics in this month's edition include NAR's four-point legislative plan, the latest developments on RESPA, 2009 conforming loan limits, and highlights from the 2008 REALTORS® Conference and Expo.

November 17, 2008
HUD Posts Final RESPA Rule
HUD's new final RESPA rule was officially published today in the Federal Register. There will be a one year implementation period with mandatory compliance beginning January 1, 2010. In response to comments made by NAR and other industry and consumer groups, HUD made significant changes to the proposed rule published last March. Based upon an initial reading of the 341-page rule, the changes indicate that HUD listened carefully to NAR's comments and made revisions to address the concerns of both industry and consumers. HUD received nearly 12,000 comment letters, with 6,000 coming from NAR members. NAR will continue its review to determine whether HUD adequately addressed NAR concerns.
NAR Initial Analysis of Rule

November 13, 2008
HUD Issues Final RESPA Rule
HUD Secretary Preston today announced the release of HUD's new RESPA final rule. It is anticipated that the official publication of the final rule in the Federal Register will take place on Monday, November 17th.