HUD rolls out new RESPA reform proposal

Simplified disclosures would save borrowers $8.35 billion

Simplifying the disclosure forms provided to home buyers could save them an average of $668 at the closing table — an estimated $8.35 billion a year — by helping them find the best deal from mortgage lenders and settlement service providers such as title insurers.

That’s the claim officials with the Department of Housing and Urban Development (HUD) are making as they roll out their latest attempt at reforming the Real Estate Settlement Procedures Act (RESPA).