In brief: Revamp of Mortgage Disclosure Rules Starting

The crafting of new real estate loan disclosure rules is about to begin.

A committee created by the Department of Housing and Urban Development and approved by bankers to hammer out the new Real Estate Settlement Procedures Act rules will meet here today and Friday.

One subject for debate is whether a mortgage broker must tell borrowers about fees it receives from a bank for the transaction; another is when to classify a loan as a "secondary-market transaction." Also at issue is whether lenders should be allowed to offer discounts to mortgage brokers that agree to buy a certain amount of loans in the future.

All committee meetings are open to the public.

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