HUD Proposes Improvements to Help Mortgage Consumers Avoid Confusion

According to a new nationwide report by the Urban Institute, many Americans are overpaying by thousands of dollars in total closing costs when they purchase a home. This study revealed that overpayment is due to the large number of varying loan charges, title fees, and other costs of closing that are charged in the process, and the study also specified that minority borrowers overpay to an even larger extent than non-minority homebuyers. To remedy this disturbing issue, HUD is currently proposing that loan terms and closing costs are more clearly disclosed to consumers when they buy or refinance a home.

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http://www.hud.gov/news/release.cfm?content=pr08-077.cfm