Items Tagged with 'Faith Estimate'

ARTICLES

  • 'Bout time! HUD how-to videos for homebuyers

    The Department of Housing and Urban Development recently released a series of how-to videos to help potential homeowners shop for a home, shop for a loan and close the deal. I must say so myself, kudos to HUD. The videos are informative, easy to digest and well-produced. If you've ever had a doubt in the world about the homebuying process, HUD lays it out plain and simple. The first video, Shopping for Your Home, goes over what a real estate agent is, the different types and who you go about putting an offer in on a home.
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  • RIP yield spread premium — make way for mega bank mega profits

    If you search the Internet, congressional testimony, academia or the media for insight into how lenders price residential mortgages you're likely to turn up a mountain of discussion of the yield spread premium paid to brokers by lenders. Maybe a little about the fact that mortgage rates reflect where mortgage securities trade in the bond market, but not much that explains loan pricing for retail customers. Nothing that explains what banks make if they originate the loan internally and don't pay a broker or correspondent to do it for them.
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  • Despite HUD's RESPA Paper, Questions Remain

    The US Department of Housing and Urban Development (HUD) on Thursday published a question-and-answer paper aimed at clarifying the Real Estate Settlement Procedures Act (RESPA) rule slated to take effect Jan. 1, 2010. The new RESPA rules are geared toward greater transparency in the origination process for borrowers. They provide for use of the Good Faith Estimate (GFE) for borrowers to both shop around mortgages and enter the homeownership process with as great an understanding of the interest rates and settlement costs as possible.
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  • Lenders Speak out on Compliance Concerns

    Changes to the Real Estate Settlement Procedures Act (RESPA), of all the regulatory changes affecting the mortgage industry this year, pose the greatest compliance concern for lenders in 2009, according to recent research. 74% of lenders who participated in a survey conducted by QuestSoft cited adjustments to fee accuracy rules set forth in RESPA as major concern for lending practices.
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  • Help for Lenders Navigating New HUD Environment

    Mortgage Spirit, a provider of loan search and pricing revenue management technology, released version 3.0 of its loan search and pricing engine, which the company says enables mortgage originators to stay in full compliance with the pending requirements and legislation dictated by the HUD-reformed Good Faith Estimate (GFE) requirements for 2010.
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  • HUD Revises RESPA Rules, Adopts Standard Good Faith Estimate

    The U.S. Department of Housing and Urban Development on Wednesday announced it will now require lenders and mortgage brokers to provide consumers with a standard three-page Good Faith Estimate (GFE) that discloses key loan terms and closing costs. HUD estimates its new regulation -- one that has been hotly contested on both sides -- will save consumers about $700 at the closing table.
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  • AllRegs to Hold RESPA Reform Audio Conference

    As the U.S. Department of Housing & Urban Development's proposal to change the rules regarding the Real Estate Settlement Procedures Act moves forward, there are many rumors and concerns about what exactly the proposal will mean for originators. Will yield spread premiums be affected? What exactly are the changes we can expect to see with the Good Faith Estimate? How will the HUD-1 Settlement Statement change?
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  • HUD Proposes Sweeping RESPA Reform

    The U.S. Department of Housing and Urban Development on Friday unvieled a broad proposal to reform the Real Estate Settlement and Procedures Act, including provisions that would expand HUD's enforcement authority under the Act.
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