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 13
... increase consumer understanding and make more difficult the deception that characterizes abusive loans . I would like to focus today on five key aspects of HUD's proposal that we believe are crucial to this rule becoming a reality - not ...
... increase consumer understanding and make more difficult the deception that characterizes abusive loans . I would like to focus today on five key aspects of HUD's proposal that we believe are crucial to this rule becoming a reality - not ...
Page 15
... increase home ownership and HUD's stated goals of simplifying the mortgage process , but this rule achieves just the opposite . The proposed rule is unwork- able in the real world for both industry and consumers , will harm small ...
... increase home ownership and HUD's stated goals of simplifying the mortgage process , but this rule achieves just the opposite . The proposed rule is unwork- able in the real world for both industry and consumers , will harm small ...
Page 16
... increase the regulatory burden by 2.5 million burden hours , which is the equivalent of 289 years . Such a huge burden will in- crease the cost of credit to consumers . NAMB sincerely appreciates the opportunity to share our con- cerns ...
... increase the regulatory burden by 2.5 million burden hours , which is the equivalent of 289 years . Such a huge burden will in- crease the cost of credit to consumers . NAMB sincerely appreciates the opportunity to share our con- cerns ...
Page 18
... increase the transparency and simplify mortgage transactions and loan closings by improving the disclosure of mortgage fees and expenses to consumers . The pro- posed changes should also eventually lower mortgage transaction costs and ...
... increase the transparency and simplify mortgage transactions and loan closings by improving the disclosure of mortgage fees and expenses to consumers . The pro- posed changes should also eventually lower mortgage transaction costs and ...
Page 25
... increase competition . And it may well increase competition between lenders . I think some of us are concerned at - about the impact on competition below the level of the lender . And let me just play this out for you because as I ...
... increase competition . And it may well increase competition between lenders . I think some of us are concerned at - about the impact on competition below the level of the lender . And let me just play this out for you because as I ...
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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 CONGRESS THE LIBRARY 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 small business statement subprime third party title insurance transaction Truth in Lending underwriting urge HUD yield spread premiums
Popular passages
Page 198 - No provision of this title imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the Commission, 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 458 - ... the American Bankers Association (ABA). ABA, on behalf of the more than two million men and women who work in the nation's banks, brings together all categories of banking institutions to best represent the interests of this 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 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 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 - 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 S 103.
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.
Page 314 - ... by a Lender to its duly appointed agent for services actually performed in the making of a loan. (2) The payment to any person of a bona fide salary, compensation or other payment for goods or facilities actually furnished or for services actually performed. (3) Payments pursuant to cooperative brokerage and referral arrangements or agreements between real estate agents and brokers.
Page 231 - ... recordkeeping and other compliance requirements of the proposed rule, including an estimate of the classes of small entities which will be subject to the...
Page 316 - The rule of ejusdem, generis is that . . . "where, in a statute, general words follow a designation of particular subjects or classes of persons, the meaning of the general words will ordinarily be presumed to be restricted by the particular designation, and to include only things or persons of the same kind, class or nature as those specifically enumerated, unless there is a clear manifestation of a contrary purpose.