In Brief: State Loan Regulators To Help Enforce Respa

The American Association of Residential Mortgage Regulators and the Department of Housing and Urban Development have joined forces to improve compliance with the Real Estate Settlement Procedures Act.

Violations of the act, which governs payments lenders can make for referred businesses, among other things, have been on the rise recently, lenders say.

State mortgage bankers will be working closer with HUD to prevent such infringements, they say. Although HUD is officially responsible for the act's enforcement, the department has been plagued by budgetary concerns.

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