Housing secretary Steve Preston wants Congress to allow his agency to assess civil money penalties on lenders that do not follow new disclosure requirements on the revamped "Good Faith Estimate" sheet. Speaking at the National Press Club, the HUD secretary said he is working "on a list" of new powers he would like Congress to grant the agency. HUD recently unveiled the new GFE form, which is covered under the Real Estate Settlement Procedures Act. Lenders have a full year to comply with new GFE rules and train their staffs accordingly. Changes made to GFE rules require lenders to make clear disclosures on a borrower's monthly payment, rate and other items, and adhere to terms quoted on the price sheet.
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