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HUD finalizes post payment interest charge rule
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Consumer Protection
Wednesday, September 3, 2014
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Borrowers who prepay their Federal Housing Administration-insured mortgages will not have to make interest payments beyond the date their mortgage is paid in full under a rule finalized by the Department of Housing and Urban Development. Industry participants had applauded the proposal, but urged HUD, FHA, Ginnie Mae and the Consumer Financial Protection Bureau to harmonize requirements related to the issue to ensure certain costs are not passed on to borrowers. Read on to learn how HUD responded to the industry’s concerns.
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