hud: HUD Unveils Proposed Changes to the Mortgage Process
- 04/03/08 05:37 AM
HUD Unveils Proposed Changes to Mortgage Process The federal department of Housing and Urban Development plans to unveil proposed changes to the American mortgage application process and real estate settlement system. The changes are the end-product of HUD's five-year effort to streamline mortgage disclosures, promote comparison shopping by loan applicants, and stamp out eleventh-hour surprises at closings, where fees come in much higher than initial estimates. The changes are designed to overhaul the current, much-criticized "Good Faith Estimates" (or GFE) disclosures and the "HUD-1" closing procedures. Among the key changes are: 1. Transformation of the GFE into a consumer education and shopping tool. … (1 comments)
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