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OMB to Review Rule Change on Real Estate Closings
OMB is set to review a rule change on the manner in which mortgage settlements take place after HUD sent OMB the proposed rule change this week. The new rule would mandate clearer disclosure of mortgage broker fees, require “good faith estimates” on settlement expenses to be more accurate, and allow lenders to package their loans with settlement services at a guaranteed price.

“President Bush says the changes in Real Estate Settlement Procedures Act regulations "will make it easier for buyers to shop around and to compare prices on closing costs to so they can get the best deal and the best service possible."

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