Information from the HUD July Update
July 21, 2010
The most recent release from the HUD Commissioner outlines the Office of Housing’s latest efforts to strengthen protection for consumers in the buying process. They are working to make the housing market stronger, sustainable and safer by implementing regulations to make mortgages more transparent and understandable which better protect consumers. Fair dealings require open, clear information. The SAFE Act In combination with RESPA reform, help increase the integrity of the mortgage process and prevent fraud so consumers have greater protection in the marketplace. The office of Housing and Urban Development is committed to regulatory reform and consumer protection. One of the things HUD has done to achieve this is the implementation of a standardized Good Faith Estimate (GFE) and a revised and expanded settlement statement (HUD-1).
The Morgan team is also committed to fair and honest service. If you have any questions regarding this information or specific information for your mortgage needs please contact Mike Morgan at 520.954.7686. We look forward to earning your business.
