Proposed rule could disrupt housing boom
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A proposed new real estate settlement rule may disrupt the booming housing sector in 2004, housing industry economists said Tuesday, but they still forecast the second-best year on record.
Economists said a Department of Housing and Urban Development regulation aimed at streamlining the home-buying process could result in changes in the way agents, lenders and settlement service providers do business. The rule, aimed at simplifying loan paperwork and fees, will call for lenders to provide a single guaranteed package of costs so borrowers can easily compare fees of loan offers.
The regulation, which has been issued in final form, probably will be put into place later this year unless Congress forces changes.
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