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HUD has proposed new legislation that would insure that lender’s paperwork is understandable and fully explained to prospective homeowners.  Although I feel that if you are making a big decision to buy a home, it is your responsibility to know what you are getting yourself into.  Anyone, unless you are a lawyer, that has tried to wade through the legalese of any lender documents knows what I am talking about.  The proposal also encourages borrowers to shop around for the best available deal.

Although I have to take this with a grain of salt, housing officials said borrowers’ confusion about loan terms and closing costs has contributed to the current mortgage crisis.  Certainly, it hasn’t helped, but I fail to believe that this is the cause.  If a person is making this big of an investment, the least thing that they should do is to take a lawyer with them to the closing table, so that there are no surprises.  Leaving nothing to chance would go a long way to prevent being hornswaggled.  I honestly think that it is not the paperwork, but the lenders themselves who have created this mess.  If lenders throw out a rate of say, 2 or 3% to an unsuspecting buyer, then chances are good that the person, unless well in the know, will jump at it.  Over the course of a loan’s lifetime, a lot of money would be saved.  Oh, did we tell you about the resets?

Transparency in lending practices would have gone a long way in preventing the current mortgage market debacle.  Yes, a person should know about closing costs, and all charges tied to the loan, and know it upfront.  With every bank I have ever dealt with, a statement has been giving outlaying the terms and conditions of the loan, what charges would be, and all necessary conditions before I signed a thing.  Reading this statement has always been clear cut and readily understood.  I did, however, get a peak at what has happened in the market when I bought my current commercial property.  I dealt briefly with a company that showed all signs of a classic scam, and was a hair’s breadth from signing until I did my due diligence.  Such things as modifying our income to reflect a higher rate was mentioned, and I was asked to sign paperwork before it was filled out for the sake of expediency.  I am truly thankful that I didn’t go with this company, for I would be now in the same position as so many other people are.

Here are some of the things HUD proposed:

1.  Disclose the terms of the loan, along with all interest rates, payment, penalty for early pay off, etc.

2.  Display settlement charges prominently, including fees paid for outside services.  Anything that is extra is brought to the table.

3. Require lenders to reveal what they pay mortgage brokers.

4.  Require a “closing script” that would be read at the closing table, insuring everyone understands the terms of the loan.

Prospective home buyers should not need a degree in finance to be able to go to the closing table and understand what is going on.  In the wake of all that has happened, I once again must say “a day late and a dollar short.”