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OGC-96-22 1 (1996-06-28)

handle is hein.gao/gaobablnv0001 and id is 1 raw text is: GAO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-272303.1 June 28, 1996 The Honorable Alfonse M. D'Amato Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable James A. Leach Chairman The Honorable Henry B. Gonzalez Ranking Minority Member Committee on Banking and Financial Services House of Representatives Subject: Amendments to Regulation X, the Real Estate Settlement Procedures Act: Withdrawal of Employer/Employee and Computer Loan Origination Systems Exemptions (FR-3638); and Policy Statements 1996-1 (regarding computer loan origination systems); 1996-2 (regarding sham controlled business arrangements); and 1996-3 (rental of office space, lock-outs, and retaliation) Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of Housing and Urban Development (HUD) entitled Amendments to Regulation X, the Real Estate Settlement Procedures Act: Withdrawal of Employer/Employee and Computer Loan Origination Systems Exemptions (FR-3638); and Policy Statements 1996-1 (regarding computer loan origination systems); 1996-2 (regarding sham controlled business arrangements); and 1996-3 (rental of office space, lock-outs, and retaliation) (RIN: 2502-AG26). We received the rule on June 14, 1996. It was published in the Federal Register as a final rule on June 7, 1996. 61 Fed. Reg. 29238. The final rule revises Regulation X, which implements the Real Estate Settlement Procedures Act of 1974 (RESPA). RESPA generally prohibits compensated referrals in connection with real estate settlements involving federally related mortgage loans. 12 U.S.C. § 2607(a). However, it also authorizes HUD to exempt payments GAO/OGC-96-22