I recently attended a closing with a client -first time home buyer- who commented on the AED hung conspicuously on the wall near the Escrow Officer's private office. He asked, "Is that for resuscitating people who have a heart attack when they see the final cost?" A few minutes later my young buyer & I noticed a difference in fees from the pre-closing HUD-1. In a few short weeks lenders will be held even more accountable for what happens at the closing table. Transparency will be the rule. The Washington Post writer Kenneth Harney's article lays out the changes. Harney writes, "Here's what's about to happen: Starting January 1, 2010, loan charges and settlement fees will be spelled out on a revised, more consumer friendly version of the good faith estimate form that borrower are supp...
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