PUBLIC SUBMISSION | As of: November 20, 2009 Tracking No. 80408a70 Comments Due: May 13, 2008 |
Docket: HUD-2008-0028
FR-5180-P-01
Real Estate Settlement Procedures Act (RESPA): Proposed Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs
Comment On: HUD-2008-0028-0001
FR-5180-P-01: Real Estate Settlement Procedures Act (RESPA): Proposed Rule To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs
Document: HUD-2008-0028-0026
Comment Submitted by Cindy Meyer, All California Mortgage
I am just a paper-pusher (work on the Administrative side of a mortgage broker's
office), but I have been in this industry forever - well, it feels like that but it has
really only been 15 yrs. Although I think it is great that everyone is trying to come
up with new forms to make sure the borrower fully understands the loan, I really
feel like the whole thing is being approached incorrectly. When I was a loan
assistant and the borrower seemed to be confused, I would have them recite the
details of their loan program to me. Borrowers have to sign and read so many
forms that they become numb and now we are going to be giving them MORE to
read, sign and listen to.
Why not have a blank form that the borrower fills out explaining the loan program,
payment, etc? This is really the only way to make sure that they know what they
are getting into. If they fill out the form incorrectly, then the loan advisor will know
what information they are not understanding. This, to me, seems better than
having sign a ton of forms and hoping that it is all sinking in.