Sunday, March 16, 2008

HUD introduces changes to RESPA

HUD recently released some changes to the Good Faith Estimate to help real estate buyers better understand the loan they are getting. Read the details here. While these measures help, I believe there is no substitute for an honest mortgage person who makes sense of the numbers for you.

1 comments:

Huck Ferrill said...

In general, I like it. Up to now, we in CA, have been mandated to use the CA "Mortgage Loan Dislosure Statement," which I think is more informative than the current federal "Good Faith Estimate." However, the proposed form looks more informative than California's form. I hope HUD beta tests it on some consumers for understandibility, because we lenders often take a lot for granted in that regard.

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