29 Dec 09 Updated Good Faith Estimate for Mortgage Lending
After talking about changing home finance disclosures for the last decade, HUD is finally updating and revising the Good Faith Estimate in the RESPA loan disclosures. They also re-released “Shopping for Your FHA loan: HUD’s Settlement Cost Booklet.” A large share of content in the 49-page publication, which helps consumers comparison-shop mortgages, addresses the standardized Good Faith Estimate (GFE) and HUD-1 settlement statement forms that lenders must start using on Jan. 1, 2010. HUD estimates that borrowers may benefit financially by saving $700 in lending costs and fees per mortgage loan on average as a result of the new requirement, which is one of several changes to the Real Estate Settlement Procedures Act (RESPA).
Here is the location of the .pdf of the booklet that you can save or print out for your reference. http://portal.hud.gov/portal/page/portal/HUD/documents/Settlement Booklet December 15 REVISED.pdf
