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HUD rolls out new RESPA reform proposal - Its Official!

 
Its official Hud rolled out the proposed revisions to Respa FINALLY  -- MArch 14th 2008.  To view the Federal Register you can see it here --------> Federal Register
 
What Hud Says 
HUD says simplifying and standardizing the GFE would make it easier for home buyers to shop around by comparing the fees charged by loan originators, whether they are yield spread premiums paid to mortgage brokers or other fees charged by banks.
The proposed rule would also allow settlement service providers to seek volume-based discounts for settlement services, which HUD believes would lead to lower third-party settlement service prices. Settlement service providers would also be allowed to use "average cost pricing" for third-party services they purchase, simplifying the process.
3 Decades since update
It's been three decades since the Real Estate Settlement Procedures Act (RESPA) has been updated. Hud says its due to the complexity of today's closing process is widely believed to have allowed unscrupulous mortgage brokers and others who originated home loans to dupe homebuyers into complex loans with adjustable rates and unexpected balloon payments.
Under the proposed changes all loan originators would have to provide prospective homebuyers with a four-page good-faith estimate about the total costs involved in taking out a mortgage. ... more

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