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WEICHERT, REALTORS APPLAUDS NEW RESPA RULING FOR REAL ESTATE INDUSTRY

WEICHERT, REALTORS APPLAUDS NEW RESPA RULING FOR REAL ESTATE INDUSTRY
 MORRIS PLAINS, N.J., Oct. 30 /PRNewswire/ -- James M. Weichert, president of Weichert, Realtors, today announced that the company supports the new regulations being issued by the U.S. Department of Housing and Urban Development (HUD) implementing changes to the Real Estate Settlement Procedures Act (RESPA) that are expected to be sent to the Federal Register next week for publication.
 On Oct. 28, HUD announced a clarification of its position on issues raised since the enactment of RESPA's original statute in 1974, bringing the governmental regulatory policy up to date with changes in the real estate industry. The HUD announcement stated this new ruling "enhances the development of new diversified real estate services and provides clear guidance with respect to controlled business arrangements."
 Weichert, Realtors, the nation's largest independent real estate company, offers diversified real estate-related services through its affiliated companies, including Mortgage Access Corp. and Weichert Insurance Agency.
 "The clarification issued by HUD supports the Weichert concept of one-stop shopping," said James M. Weichert. "In today's busy times, consumers doing business with any real estate company should have direct access to other necessary services that will complete the real estate transaction more efficiently and in a more timely manner. The rules issued by HUD make it clear that companies, such as Weichert offering multiple settlement services are acting in the best interests of the buying and selling public."
 Weichert, Realtors has 6,400 sales associates in 185 offices in seven states from Connecticut through Virginia.
 -0- 10/30/92
 /CONTACT: Denise Dickison Smith of Weichert, 201-397-3545/ CO: Weichert, Realtors ST: New Jersey IN: FIN SU: LEG


SH-GK -- NY044 -- 7067 10/30/92 11:16 EST
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Date:Oct 30, 1992
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