With foreclosure rate at a all time high,the U.S. Department of Housing and Urban Development is promoting rules that would force lenders to make closing costs easier to understand and reveal payments to mortgage brokers.
The proposal is less strict than the one that failed in 2002, but still would require lenders to provide an accurate good faith estimate that doesn't change by more than 10 percent. The most controversial portion of the proposal would require any lender payments to mortgage brokers to be noted on the good faith estimate. While some people feel that this is a good thing,some people opposes the rule change including Marc Savitt,president-elect of the National Association of Mortgage Brokers who says that "HUD's goal was to simplify the mortgage process, and what they are doing is anything but simplifying the process. But I want to know what do you think? Please reply with your comments.
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