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Political Quotes

Alfonse D'Amato: “S. 562 also includes a requirement for disclosure to the mortgagor of the costs of all services related to obtaining the…”

On the recordApril 25, 1997
S. 562 also includes a requirement for disclosure to the mortgagor of the costs of all services related to obtaining the HECM loan, including estate planning and financial advice. HUD should implement this disclosure requirement in a reasonable manner. HUD will not be required to mandate disclosure of the costs of services of persons such as attorneys or accountants who are in the business of giving professional advice. For fees not required to be included in the mortgagee's good faith estimate under the Real Estate Settlement Procedures Act, mortgagees should be permitted to rely on inquiries made to the mortgagors to determine if mortgagors have received the necessary disclosure of cost.
Said by
Alfonse D'Amato
Source
govinfo.gov

Editor's note · Context

Discussing the requirements of S. 562 regarding mortgage disclosure for HECM loans.

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