TITLE

Good-Faith Rule Has a Hidden Side

AUTHOR(S)
Berry, Kate
PUB. DATE
December 2009
SOURCE
American Banker;12/31/2009, Vol. 174 Issue 231, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The author focuses on a new mortgage disclosure rule by the U.S. Department of Housing and Urban Development (HUD). Lenders will be held to their good-faith estimate of closing costs. HUD had estimated savings for borrowers who would be able to find the best price. However, the author mentions that lenders may raise their own fees to cover their risk.
ACCESSION #
47269976

 

Related Articles

  • Reverse Mortgages. Hopson, James; Hopson, Patricia D.; Del Vecchio, Stephen // CPA Journal;Sep2009, Vol. 79 Issue 9, p14 

    The article focuses on the disadvantages and alternatives to reverse mortgages. The four factors which serve as a basis in the amount that can be borrowed with a reverse mortgage are discussed. Also presented is a U.S. Department of Housing and Urban Development (HUD) example which illustrates...

  • FHA Wants to Cut Concessions. Collins, Brian // American Banker;2/27/2012, Vol. 177 Issue 30, p7 

    Brief information is given about a rule proposed by the U.S. Department of Housing and Urban Development (HUD) that will reduce to three percent the maximum allowable seller concessions in Federal Housing Administration (FHA) loan transactions.

  • GFE Should Match HUD-1.  // National Mortgage News;6/6/2011, Vol. 35 Issue 36, p18 

    The article focuses on the statement of Steve Vansickler of Visterra Credit Union (CU) concerning the need of mortgage lenders to simplify good-faith estimate (GFE) that matches the U.S. Department of Housing and Urban Development (HUD)-1 settlement statement in order to elucidate the costs...

  • Ther SAFE Act's Unlevel Playing Feild. Kromer, John P.; Bauer, Heidi M. // Mortgage Banking;Jul2010, Vol. 70 Issue 10, p40 

    The article discusses the challenges faced by mortgage lenders on the licensing provisions of the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) proposed by the U.S. Department of Housing and Urban Development (HUD). It outlines the differing requirements for registration...

  • Proposed Farm Credit Rule Scrapped. Kline, Alan // American Banker;2/15/2012, Vol. 177 Issue 25, p20 

    The article reports the U.S. Department of Housing and Urban Development (HUD) withdrew a proposal that increased the number of Federal Housing Administration (FHA)-backed home loans Farm Credit System lenders could make.

  • HUD Reforming Settlement Cost Rules.  // Journal of Housing & Community Development;Jan/Feb2003, Vol. 60 Issue 1, p3 

    Reports that the United States Department of Housing and Urban Development is in the process of reforming federal rules governing settlement costs. Requirement to home lenders and loan brokers; Good-faith estimate; Loan shoppers' ability to compare lenders.

  • HUD-1 & GFE Good News: Conveyance Fee Tax is a Seller's Charge in Ohio! Stevenson, Scott // Title Topics: Ohio Land Title Association;Apr2010, Vol. 77 Issue 4, p8 

    The article offers developments and clarifications on the new Good Faith Estimate (GFE) and Housing and Urban Development (HUD)-1 Settlement Statement. The author mentions the transfer of Real Estate Settlement Procedures Act (RESPA) Director Ivy Jackson to another department of the HUD. Also...

  • GFE Deadline Drawing Nigh. Sichelman, Lew // National Mortgage News;4/19/2010, Vol. 34 Issue 29, p6 

    The article reports on good faith estimates (GFE) deadline required by the U.S. Department of Housing and Urban Development (HUD) for lenders to provide borrowers with binding, written GFEs on loan origination costs, fees, and taxes and the significance of third party real estate information...

  • Urgency to Change Fees Diminishes. Muolo, Paul // National Mortgage News;10/3/2011, Vol. 36 Issue 3, p1 

    The article reports on the belief that there is a dissipation in the urgency of changing mortgage servicing compensation in 2011 in the U.S. It is also feared that the aforementioned issue will encourage the Department of Housing and Urban Development to change the minimum fee paid on Government...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics