Articles are starting to appear regarding RESPA reform. "Reform" is a euphemism that is used for many things. Rarely does it deliver what is promised. Consumers are confused by the new form. Costs are not clear. Partly because some of the seller paid items appear on the form. Partly because some items such as escrows for taxes and insurance are left out. Some features such as the Q&A on the first page are good to have. But, mainly, this will result in higher costs, closing delays, and more confusion, than if simple enforcement of the laws already on the books had taken place.
Naturally, the government agency which implemented this new form is defending it. Lenders and brokers and closing entities have had to spend millions to update software. And the consumer is no better informed than he was previously. As time marches forward, we will see more, not fewer, complaints from consumers. But will it result in a more sensible approach by the regulatory agencies responsible for the new form? I think we all know the answer to that question.
If you are a consumer who has been put off by this new form, then you should make your opinions known to your Congressmen and Senators. Do it in writing and be specific about the issues you have with the form. It does not hurt to inform folks in the media, either. Whether by letter to the editor or by contacting the business writers. Things will not change if the opinions expressed are by industry professionals--they were not listened to when drafting the new form and regulation. Only if there are enough complaints by consumers, and that will include regulatory entities as well, will any changes occur.