The National Association of REALTORS (NAR) sent a joint letter to Housing and Urban Development (HUD) Secretary on August 8, 2007, encouraging HUD to undertake reform of the Good Faith Estimate under Real Estate Settlement Procedures Act (RESPA). The letter, co-signed by Center for Responsible Lending (CRL) President, in an effort to address abusive lending practices, in part, through a summary Good Faith Estimate . The letter also states that additional strong legislative and regulatory action will be required.
Specifically, the letter recommends a Summary Good Faith Estimate that highlights key loan terms and payment information in an easily understandable format and accompany the full Good Faith Estimate that would provide the detail necessary for consumers to understand more fully the services and accompanying fees for which they are being charged.
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