Industry NewsMortgage

NAR: HUD underestimates RESPA reform cost

Public comment period closes Thursday
Published on Jun 10, 2008

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by CareyBot

A study funded by the National Association of Realtors claims proposed changes to loan disclosures could add more than $400 to the cost of obtaining a mortgage, wiping out much of the cost savings regulators say consumers would realize.

The Department of Housing and Urban Development (HUD) proposes changes to the Real Estate Settlement Procedures Act, or RESPA, including a new good faith estimate form and incentives that would encourage the packaging of settlement services (such as title insurance) with loans.

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