Our government is working hard to protect us from ourselves. The National Association of Realtors (NAR) has released a report suggesting that loan disclosure changes proposed by the Department of Housing and Urban Development (HUD) would add more than $400 to the average cost of obtaining a loan, more than double the estimate made by the housing agency.
Howard Ruff used to say that whenever the government tries to solve a problem it creates two more. I don’t think adding $400 to the cost of obtaining a mortgage is such a good idea. I’m sure HUD thinks it will come out of the mortgage company’s pocket.
What can a lender do when his expenses increase?
Which one of the two choices above is in the consumer’s best interest?
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