New Good Faith and HUD coming soon to a closing near you!

HUD releases new Good Faith & Settlement Statement HUD's attempt to provide greater transparency in the home buying process clearly shows up in the newly revised Good Faith Estimate (GFE) and HUD Settlement Statement. Although these forms will not be required to be used until January 1st, 2010, it will be interesting to see how many early adopters switch to the new format. According to HUD's press release, this long anticipated mortgage reform will help consumers shop for the lowest cost mortgage and estimate the average savings for consumers will be nearly $700!