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HUD is introducing a new GOOD FAITH ESTIMATE
HUD is introducing a new GOOD FAITH ESTIMATE to help reduce the amount of surprises at the closing table. The Real Estate Settlement Procedures Act (RESPA) was enacted in 1974 to provide consumers with improved disclosures of settlement costs and to reduce the costs of closing by the elimination of referral fees and kickbacks. Through the years, the Department of Housing and Urban Development (HUD) has issued regulations and policy statements to provide RESPA guidance to industry and consumers alike. On November 17, 2008, HUD published a new final rule "To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs." The rule mandates use of a new Good Faith Estimate (GFE) and HUD-1 which go into effect on January 1, 2010. Http://www.realtor.org/government_affairs/respa Following is a link to the new GOOD FAITH ESTIMATE. Http://www.hud.gov/offices/hsg/ramh/res/gfestimate.pdf As I look over this new form I see it is designed to explain the charges in detail and inform the Buyer they can shop around for some of the services, to see if they can save some money at closing.  Overall this is a very good idea.  I do see one item missing on the form which should be explained before the total ... more

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