ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release June 26, 2002 #02-32
E-mail: [email protected]

ACB WELCOMES RESPA REFORM

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Statement by Diane M. Casey, president and CEO, America’s Community Bankers, on HUD Secretary Mel Martinez’ outline of proposed RESPA reforms:

Community savings institutions originate one-quarter of the nation’s home loans and have a vested interest in RESPA reform so that they can better serve their customers and their communities. The reforms proposed by Secretary Martinez are welcome and begin a dialogue on improving the mortgage lending process.

America’s Community Bankers strongly supports reforming the mortgage origination process to ensure that borrowers have complete and accurate information during the homebuying process. Regulations that enable homebuyers to shop for a mortgage loan that best meets their individual needs, with mortgage terms that they can understand, is a goal long supported by community banks.

We strongly endorse streamlining existing regulations to better protect homebuyers since the current rules make the loan origination process cumbersome, time consuming and confusing, and fail to address the reality of the lending process.

We are committed to working with HUD to review the proposed changes — which are major departures from current practices — and provide input on their workability, especially how they will interact with Truth in Lending Act requirements.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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