HUD makes major rule change proposals

Within Days HUD is submitting rules change proposals to give the public and real estate community a 60 day window to comment. On the table is

Modify the Good Faith Estimate to better educate the consumer

Limits on Settlement charges changes after the good faith estimate is given

Revise the Good faith Estimate and the HUD-1 with each other so they are better compared

Settlement agents will be required to "read" a script to the borrower.

After the 60 day review period there is a ramp up period to effect these new rules.

It is always wise to share your Good faith estimate with your buyers agent to let them help you monitor the loan company. So you dont get ripped off