HUD Introduces New Good Faith Estimate and Proposes Other Changes to RESPA

``The changes, if enacted after a mandatory period of public comment, will reform the 30-year old Real Estate Settlement Procedures Act (RESPA). Chief among the reforms; for the first time HUD is proposing that mortgage brokers and lenders provide consumers with a standard Good Faith Estimate. Jackson said that by offering consumers clearer, more certain cost estimates the average borrower will save nearly $700... One feature of The Good Faith Estimate is not going to make lenders and brokers happy. It would require that lender payments to mortgage brokers (often called Yield Spread Premiums) be disclosed.''