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Schreiber rewarded for ABC growth

National Mortgage Professional
Apr 27, 2005

NAMB submits disclosure form to HUD for simplification of settlement processmortgagepress.comUniform Mortgage Costs Disclosure, reform, NAMB proposal The National Association of Mortgage Brokers has submitted a suggested Uniform Mortgage Costs Disclosure form to the Department of Housing and Urban Development that will simplify the mortgage settlement process for consumers. NAMB believes that the best way to accomplish this simplification is by revising the current Good Faith Estimate (GFE) to make disclosures the same for all mortgage originators. In a letter to HUD Secretary Alphonso Jackson, NAMB reaffirmed its desire to work with HUD. NAMB's suggested disclosure simplifies the closing process and allows consumers to focus on the true costs of different loan products since it clearly states the following items for the borrower: interest rate; origination costs they are being charged, if any; total amount of their settlement costs; and monthly payment amount. "The FTC study showed that mortgage broker compensation disclosures as proposed in HUD's RESPA proposal confused borrowers, causing them to often choose higher cost mortgages," said NAMB President Bob Armbruster. "NAMB believes these findings are significant and should be considered in any reform proposal. The uniformity created by our proposed GFE allows consumers to compare the costs of the different loan products offered by both brokers and lenders when shopping for their mortgage."
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