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Mortgage Reforms from HUD
The U.S. Department of Housing and Urban Development (HUD) issued long-anticipated mortgage reforms on November 12, 2008, that will help consumers to shop for the lowest cost mortgage and to avoid costly and possibly harmful loan offers from mortgage lenders. HUD will require that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. Although, NJ has had this requirement , it is the first time ever at the federal level. The reforms were announced in response to comments received on the Real Estate Settlement Procedures Act (RESPA) regulations that were released in March. You can read the final RESPA rule and any other reforms on HUD’s website.
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