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hud: Simplified Disclosures... Problem Solved? - 03/17/08 08:11 AM
HUD released a new RESPA reform proposal which includes a standardized Good Faith Estimate.
Technically this is an old reform proposal as they attempted the introduction of the 3-page GFE in 2002, but where met with heavy resistance.  They estimate this could save borrowers an average of $668 at settlement or $8.35 billion per year.
The new GFE would include: the interest rate, monthly payment, loan terms, origination charges, settlement charges, and disclosure of any yield spread premiums. Here is a sample of the new GFE:
http://www.hud.gov/offices/hsg/sfh/res/200803/5180HUD1.pdf
HUD believes the new GFE would make it easier for borrowers to shop around. The savings that borrowers will receive … (2 comments)

hud: Nehemiah Wins! Downpayment Assistance To Continue - 03/04/08 07:36 AM
Here is a letter sent out Monday March 3 by Scott Syphax, President & CEO of Nehemiah Corporation of America:
Dear Colleague,
I am pleased to announce that Nehemiah was victorious in its litigation against HUD!
Judge Lawrence K. Karlton of the United States District Court for the Eastern District of California upheld Nehemiah's motion for summary judgment. The Court Clerk's Office is directed to enter judgment and close the case.To be clear, the U.S. Department of Housing and Urban Development's (HUD) rule to ban private downpayment assistance as proposed in the "Standards for Mortgagor's Investment in Mortgaged Property" regulation published October 1, 2007, is … (0 comments)

 

Chris Breck, Advantage Title Company

Baltimore, MD

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Advantage Title Company - Nationwide

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