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HUD Proposes Changes to Home Mortgage Process
On March 14, 2008, the U.S. Department of Housing and Urban Development (HUD) published its 'Proposed Rule to Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs' (Docket No. FR-5180-P-01, 73 Fed. Reg. 14030). If this Rule takes effect, it would drastically change the way residential mortgage transactions are conducted. (The Rule also contains provision on other topics such as average cost pricing and volume discounts that are beyond the scope of this article.)
Good Faith Estimate
No longer would a lender furnish the borrower with a Good Faith Estimate (GFE) within three days after the borrower applies for a mortgage. Instead, under HUD's proposal, the borrower would apply for a GFE before applying for a mortgage. The lender would then issue a greatly expanded four-page “binding” good-faith estimate that would provide more information about the proposed transaction then the costs associated to the loan. After the GFE is issued, the lender would have to keep it open for 10 days. If the borrower finds the terms of the loan acceptable, the borrower would then apply for the mortgage.
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