ALTA President Testifies on RESPA Reform

In his closing remarks, Kermott stated, “HUD should limit its efforts to simplifying only the GFE and HUD-1 so that comparisons can be more easily made between the documents. ALTA, along with the National Association of REALTORS® and the Center for Responsible Lending, worked together to develop a set of GFE and HUD 1 forms that is clearer and more transparent than both existing and HUD-proposed forms. This would be a huge improvement for consumers without imposing extraordinary costs on small businesses.”