RESPA: HUD AND NAR JOIN FORCES TO PRODUCE THREE VIDEOS TO HELP PROSPECTIVE HOME BUYERS UNDERSTAND HOME BUYING PROCESS

The National Association of Realtors (NAR) and the Department of Housing and Urban Development (HUD) collaborated to produce a series of videos on YouTube.com which are geared at educating future home buyers on the real estate buying process. The joint effort was unveiled at the National Association of Realtors 2010 National Conference in New Orleans last week.

The first 10 minute video “Shopping for your home” features HUD associate deputy assistant secretary Teresa Baker Payne explaining the home buying process.

The second 12 minute video “Shopping for your loan” features HUD deputy assistant secretary for FHA Vicki Bott explaining what home buyers need to look for when shopping for their mortgage loan and includes a consumer friendly approach to the Good Faith Estimate “GFE.”

The third 10 minute video “Closing the Deal” features Teresa Baker Payne explaining the actual closing process and what areas on the Good Faith Estimate and RESPA HUD-1 Settlement Statement home buyers needs to look at when they receive their closing documentation.

This is an excellent series of videos because not only does this help consumers but it also will help educate those in the real estate industry as well. This is probably the best consumer educational initiative HUD has put together in years.