HUD Introduces New Good Faith Estimate and Proposes Other Changes to RESPA
On Friday HUD released a proposed mortgage reform
package designed to help consumers better understand the terms
of the loans they are considering and offering guidelines for shopping
for different products.
The changes, if enacted, will reform the 30-year old
Real Estate Settlement Procedures Act (RESPA).
One feature of The Good Faith Estimate is not going to make lenders
and brokers happy. Changes to YSP disclosure….