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FacebookHUD orders more disclosure by lenders
Wed, Nov 12, 2008 (12:38 p.m.)
Lenders and mortgage brokers must now issue consumers a "Good Faith Estimate" form (http://www.hud.gov/content/releases/goodfaithestimate.pdf) that "clearly discloses" loan terms and closing costs, the Department of Housing and Urban Development announced today.
"Consumers need and deserve to know what they're getting themselves into before they sign on the dotted line," said HUD Secretary Steve Preston.
This measure, the first example of mortgage reform in more than three decades, is designed to help families shop for loans.
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