NAILTA seeks comprehensive RESPA reform through ANPR and highlights industry data to dispel notion that CBAs and “one-stop” shops are good for consumers.
August 30, 2010 –
The National Association of Independent Land Title Agents (NAILTA) has filed its public response to HUD’s Advanced Notice of Proposed Rulemaking (ANPR) concerning HUD’s proposal to amend the “required use” definition under RESPA Section 8. Citing the difficult nature of making some kickback activity legal versus illegal, NAILTA has asked HUD to look at making comprehensive changes to the entire interpretative structure of RESPA Section 8 in order to make it clearer as to what is considered prohibited conduct.
NAILTA also cited the Ohio Association of Independent Title Agents (OAITA) and its Settlement Preference Survey (SPS) in its ANPR response. The OAITA survey is the only data currently being collected by the title insurance industry concerning the preferences of consumers when it comes to one stop shops and controlled business arrangements. NAILTA believes that survey data such as the OAITA SPS is valuable to a determination of whether one stop shops and controlled business arrangements actually benefit real estate settlement consumers.
To read the letter, click here.