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Volume 21 - Number 5

March 8, 2010

Use of Prequalification, Worksheet Slammed

Federal housing regulators have warned major mortgage lenders against using pre-qualifications and worksheets on undecided borrowers as a way to avoid providing the good faith estimate as required by new Real Estate Settlement Procedures Act regulations. In a Feb.18 RESPA workshop conducted by the Department of Housing and Urban Development, agency officials said some lenders...

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