Nor does the new form account for down payments in the "total estimated settlement charges" column.
As part of the settlement, charges against Walter and other business associates were dropped.
Results were hit by settlement charges totaling 19 cents a share.
Computer Associates International Inc. has reported a wider loss in net income in its fiscal second quarter on litigation settlement charges.
Starting in 2010, however, the good faith estimate must offer settlement charges within 10percentt of the amount the borrower ultimately pays, and list all their charges separately.
It describes the terms of the loan, the settlement charges — like lender fees, title insurance costs and transfer taxes — and compares the Good Faith Estimate to the actual costs outlined on the HUD-1 form.
In the main action, covered by this week's settlement, charges were levelled, and the cases and penalties settled, without anyone admitting or denying anything, and without anything being proved.What is worse is the roughness of this week's justice.
The form, for example, does not break out seller-paid costs, such as transfer taxes, which are levied when a property changes hands, instead lumping those costs into the "total estimated settlement charges" figure at the bottom.
They also both come without early settlement charges (should you want to repay your loan in full as soon as possible), despite how the Co-Op website can be read.
VIRTUALLY every consumer who borrows money to finance a house or apartment is provided with a pair of documents known as the "Good Faith Estimate of Settlement Charges" and the "Truth-in-Lending Disclosure".
The new rules would encourage lending institutions to offer borrowers "guaranteed mortgage packages" that would specify the interest rates and total settlement charges right at the start, an approach that is inhibited by current regulations.
