HUD Issues New Mortgage Rules

HUD will require, for the first time ever, that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. HUD estimates its new regulation will save consumers nearly $700 at the closing table.

Last March, HUD proposed reforms to the longstanding regulatory requirements of the Real Estate Settlement Procedures Act (RESPA) by improving disclosure of the loan terms and closing costs consumers pay when they buy or refinance their home.

HUD will require the new standardized GFE and HUD-1 beginning January 1, 2010. To view these documents, click on the following links:

HUD’s standard Good Faith Estimate

HUD-1 Settlement Statement

The Ultimate Gift?

If you’re looking for a unique gift idea this holiday season…here’s one that might be easy to swallow: how about a personal chef? Money reporter Stacy Johnson gives the idea a taste. (Video runs 1:32)

Have any really unique gift ideas this year that you haven’t heard of anywhere else? We’d love for you to share them with us. Just use the comment link below and tell us about your gift idea for that hard to please person on your shopping list this year…