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Proposed Rule Documentation
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Highlights
For the first time in more than 30 years, the U.S. Department of Housing and Urban Development has issued long-anticipated mortgage reforms that will help
consumers to shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers. HUD will require, for the first time ever, that lenders
and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms
and closing costs. HUD estimates its new regulation will save consumers nearly $700 at the closing table.
Consumers
RESPA
is about closing costs and settlement procedures. RESPA requires that
consumers receive disclosures at various times in the transaction
and outlaws kickbacks that increase the cost of settlement services.
RESPA is a HUD consumer protection statute designed to help homebuyers
be better shoppers in the home buying process, and is enforced by
HUD.
Industry
Comments
and Questions |