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Financial Freedom selected as exclusive reverse mortgage lender for Veterans of Foreign Wars' members

National Mortgage Professional
Oct 20, 2008

MBA commends HUD's effort to reform RESPAMortgagePress.comMBA, HUD, RESPA, GFE, HUD-1, TILA The Mortgage Bankers Association has responded to the Department of Housing and Urban Development's final rule under the Real Estate Settlement Procedures Act (RESPA), which includes new Good Faith Estimate (GFE) and HUD-1 Settlement Statement forms. "I want to thank Secretary Preston and Commissioner Montgomery for their work finalizing this rule and appreciate that they clearly listened to many stakeholder concerns with the rule as previously proposed," said MBA's Chairman David G. Kittle, CMB. "The rule's new estimate and settlement forms are an important step toward developing more consumer-friendly forms that will help borrowers better understand the loan they are getting and the fees they are paying while making it much easier for a borrower to shop and compare the different loans they are offered." In comments submitted to HUD in response to the proposed rule in March, MBA strongly recommended that HUD update the RESPA rule in tandem with the Federal Reserve's ongoing efforts to enhance consumer disclosures required by the Truth in Lending Act (TILA). "We are disappointed that HUD did not coordinate more closely with the Federal Reserve as the Fed implements its own improvements under TILA," said MBA's Chief Operating Officer John A. Courson. "As we have said many times, these two efforts ought to be undertaken together to ensure that the new guidelines and disclosures actually make the loan process simpler and more transparent for borrowers." "We also believe that HUD should provide greater clarity concerning the new requirements on disclosure of broker fees tied to the interest rate selected by the borrower." Courson noted, however, that MBA appreciates that HUD provided one year for implementation of these changes. "MBA looks forward to working with the new administration, HUD, the Fed, Congress, consumer organizations and other stakeholders to improve disclosures so that borrowers have the best and simplest tools to navigate the home financing process." The rule is being released today, and will become effective 60 days from when it is published in the Federal Register (expected to be Friday). Lenders will have until Jan. 1, 2010 to implement the new GFE and HUD-1. For more information, visit www.mortgagebankers.org.
Published
Oct 20, 2008
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