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Feds propose overhaul of mortgage process

Getting a mortgage can be confusing and frustrating.

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To make it less so, the federal housing department has proposed an overhaul of the mortgage process, from application to closing.

The proposed regulatory changes are designed to do a number of things: make it easier to compare mortgage offers while shopping, force lenders to estimate closing costs more accurately, and ensure that borrowers know the terms of their loans.

Here are the changes that would have the biggest impact on consumers.


Proposed changes to good faith estimate:

This is the second time that the Bush administration has tried to change the regulations that apply to mortgages under the Real Estate Settlement Procedures Act. The Clinton administration tried more than once, too. Each effort died after drawing opposition from lenders, brokers and title insurers. Those industry players have given this latest proposal a warmer reception. They had more input this time.

 
 
Next: "... Lenders would have to give accurate estimates."
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