It’s Unanimous – 3 Trade Associations Support Change To RESPA

We approached three real estate trade associations and asked if they would support our movement to fix a mortgage fraud law called RESPA (Real Estate Settlement and Procedures Act).  All three trade associations have now given us their support.   What makes this significant is that all three of these trade associations’ members are regulated by RESPA.  Sign our petition by clicking here. The proposed change?   To increase the statute of limitations (or look back period) from one year to six years (read more about this by clicking here). 

We believe that a one year statute of limitations encourages bad conduct, rather than deterring it, because it almost eliminates the risk of prosecution.  We believe, and so do industry professionals from the real estate brokerage, title insurance and mortgage industries, that this law needs some teeth in the form of a longer statute of limitations.

If you want to help stop mortgage fraud, improve mortgage disclosure enforcement actions and stop illegal kickbacks in residential real estate, then please sign our petition to increase the statute of limitations to 6 years. 

Thank you to our most recent supporter, the National Association of Exclusive Buyer Agents (NAEBA).  The other two trade associations are the National Association of Independent Land Title Agents (NAILTA click here for our post)  and, the National Association of Independent Housing Professionals (NAIHP).

For the next stage of this project, we will be approaching consumer advocates and non-profit consumer organizations for their support.