Logo: Independent Community Bankers of America - ICBA The Nation's Voice for Community Banks (R)

Graphic: Arrow Forgot password?
Graphic: Arrow Request Login
Contact ICBA Site Map Search ICBA
ArrowICBA Home
ArrowAbout ICBA
ArrowAbout Community Banking
ArrowConsumer Education & Resources
ArrowIndustry Resources
ArrowMarketing Resources
ArrowMembership/Nat. Solutions Group
ArrowPress Room
ArrowSocial Media
ArrowMain Street MarketĀ®

Members Only = Access Restricted
Last update: 10/21/14

ICBA News Release Header


ICBA Applauds Decision to Withdraw Proposed RESPA Amendments

Washington, D.C. (March 23, 2004) - The Independent Community Bankers of America, the nation's leading voice for community banks, applauds the decision by the Department of Housing and Urban Development to withdraw its proposed RESPA rule amendments from the Office of Management and Budget's review and to seek additional public comment.

A key component of the proposed rule was the introduction of a "guaranteed mortgage package" of settlement services and a loan with a guaranteed interest rate that would provide a safe harbor from the RESPA Section 8 prohibition on kickbacks and referral fees.

"ICBA supports simplifying the mortgage loan process and better enabling consumers to shop for the best mortgage for their situation," said Camden R. Fine, ICBA's president and CEO. "However, HUD's proposed rule would likely dramatically reduce the options and service of mortgage shoppers while increasing their costs. We have strongly opposed the rule because of the damage it would do to consumers, the mortgage finance system and the small loan originators and small settlement-service providers that participate in it."

ArrowsPrintable version

Button: Share

All contents copyright 2014 Independent Community Bankers of America. All rights reserved.
Privacy Statement | Legal Notice