Released: January 17, 2010

Loophole in HUD’s new ‘good faith estimate’ rules

Source: Kenneth R. Harney, Los Angeles Times (Free Registration)

eporting from Washington - The federal government’s efforts to eliminate settlement cost surprises for home mortgage applicants may have opened the door to a new - and potentially costly - set of consumer problems.

Starting Jan. 1, mortgage lenders nationwide were required to begin issuing new “good faith estimates” to applicants covering loan fees and settlement charges.

Read Full Article: Loophole in HUD’s new ‘good faith estimate’ rules