good faith estimate: The New HUD-1 Settlement Statement...More confusing or did HUD finally nail this one. - 12/03/08 11:53 AM
HUD recently released a new page on the HUD-1 Settlement Statement  http://www.hud.gov/offices/hsg/sfh/res/hud1.pdf that will allow consumers to easily compare their final loan terms and closing costs with those listed on their Good Faith Estimate. To facilitate comparison between the HUD-1 and the new Good Faith Estimate, each designated line on the final HUD-1 will now include a reference to the relevant line from the Good Faith Estimate.
I think this is pretty cool and less confusing to even the least sophisticated consumers. But hey, this is just my opinion and you are entitled to yours. So let's hear how you think the … (5 comments)

good faith estimate: Junk Fees-What are they anyway? - 06/20/08 09:20 AM
A "junk" fee is a derogatory term used to define extra fees that a lender may decide to tack on to the loan. Junk fees are charged as a dollar figure rather than a percentage. Junk fees are completely legal provided they were properly disclosed to you on time as required by law. It is important to know that you can often negotiate these fees with your lender or have them removed if they were not properly disclosed to you on time. Your lender is required to provide you with a Good Faith Estimate disclosing their fees within three business days … (0 comments)

 

Hans Iduma

Certified Mortgage Planning Specialist

Gaithersburg, MD

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Address: 555 Quince Orchard Rd. Ste. 500, Gaithersburg, MD, 20878

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