Simplifying the Home Buying Process: HUD's Proposal to Reform RESPA : Hearing Before the Subcommittee on Housing and Community Opportunity of the Committee on Financial Services, U.S. House of Representatives, One Hundred Eighth Congress, First Session, February 25, 2003 |
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Page 3
... interest here from the mortgage brokers to the lenders themselves , and everybody who does loan origination , the real estate interest , insurance interest . And I have noted in the information that I have been given that everybody has ...
... interest here from the mortgage brokers to the lenders themselves , and everybody who does loan origination , the real estate interest , insurance interest . And I have noted in the information that I have been given that everybody has ...
Page 8
... interest rate . We , at MBA , are very confident that HUD's package has three very important objectives to it . The first , it simplifies the process of mortgage of the mortgage disclosure systems . Secondly , it certainly provides ...
... interest rate . We , at MBA , are very confident that HUD's package has three very important objectives to it . The first , it simplifies the process of mortgage of the mortgage disclosure systems . Secondly , it certainly provides ...
Page 10
... interest rate . That is crucial . If you allow someone to buy a package of services without also buying the interest rate , it is like buying the wheels on a car without buying the car . And those wheels are only going to go on certain ...
... interest rate . That is crucial . If you allow someone to buy a package of services without also buying the interest rate , it is like buying the wheels on a car without buying the car . And those wheels are only going to go on certain ...
Page 11
... interest rate . We have serious concerns about these proposals and I will high- light an alternative we have recommended to HUD that would achieve many of the agency's objectives , while minimizing_con- sumer and industry problems . We ...
... interest rate . We have serious concerns about these proposals and I will high- light an alternative we have recommended to HUD that would achieve many of the agency's objectives , while minimizing_con- sumer and industry problems . We ...
Page 13
... interest rate component . Although the proposal calls this an " inter- est rate guarantee , " the interest rate is not , and cannot be , a guar- anteed rate , unless the borrower locks in the rate and qualifies for the loan . The costs ...
... interest rate component . Although the proposal calls this an " inter- est rate guarantee , " the interest rate is not , and cannot be , a guar- anteed rate , unless the borrower locks in the rate and qualifies for the loan . The costs ...
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Common terms and phrases
AARP additional affiliated annual percentage rate application appraisal borrower broker compensation broker fee agreement Chairman NEY changes closing costs competition consumer credit report Department of Housing disclosed discount points ensure escrow Estate Settlement Procedures faith estimate Federal GMP offer GMPA guaranteed loan settlement Guaranteed Mortgage Package guaranteed package HELOCs HOEPA loans homeownership Housing and Urban HUD's Proposed Rule impact increase industry interest rate guarantee issue laws lender loan originators loan product loan settlement charge loan terms marketplace monthly payment mortgage broker fee mortgage insurance mortgage lenders mortgage loan mortgage package agreement option predatory lending prepayment penalty protect Real Estate Settlement Reduce Settlement Costs reform Regulation regulatory RESPA revised GFE safe harbor exemption Section Settlement Procedures Act settlement service providers Simplifying and Improving small business statement subprime third party title insurance transaction Truth in Lending underwriting urge HUD yield spread premiums
Popular passages
Page 198 - System, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
Page 460 - Association brings together all categories of banking institutions to best represent the interests of the rapidly changing industry. Its membership which includes community, regional and money center banks and holding companies, as well as savings associations, trust companies and savings banks makes ABA the largest banking trade .association in the country.
Page 459 - It is the purpose of this title to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit H 103.
Page 198 - Commission, notwithstanding that such rule, regulation, or order may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
Page 158 - ... and to extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters excellence and technical know-how among real estate finance professionals through a wide range of educational programs and technical publications. Its membership of...
Page 489 - The Consumer Bankers Association is the recognized voice on retail banking issues in the nation's capital. Member institutions are the leaders in consumer, auto, home equity and education finance, bank sales of investment products, small business services, and community development CBA was founded in 1919 to provide a progressive voice in the retail banking industry.
Page 210 - Affairs, the Federal Home Loan Bank Board, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Secretary of Agriculture.
Page 466 - Act to assure a meaningful disclosure of credit terms so that a prospective debtor will be able to compare more readily the various credit terms available to him and to avoid the uninformed use of credit.
Page 456 - S. 340, as amended, which declares that the business of insurance and every person engaged therein shall be subject to the laws of the several states.
Page 191 - ... in the case of any successful action to enforce the foregoing liability, the costs of the action together with a reasonable attorney's fee as determined by the court.