’ What’s Your 2 Opinion? 3 PEP PPLE PPP REP EER? Shopping For Mortgages of i oO Fred ey) th (NAPSA)—Should consumers havefree access to information and choice of services when they shop for mortgage loans and settlement services? A reform proposal that recommended packaging ofsettlement services and offered by HUD and the Federal Reserve Board in st administration may bonit A mortgage reform bil before the 107th Congress may look better to consumers than it really is. On the surface, the reform, known as the RESPA/TILApra- posal, which would amend the mortgage laws, looks appealing hecause it creates hope that things will be cheaper and easier for consumers. In reality, packaging could prevent consumer choice. A recent Gallap poll shows that almost half of consumers personally shop for gsetilement services such as owner’s title insurance. However, packaging of lean settlement ser- vices can limit consumerchoice ifa consumer believes he or she might not obtain a mortgage unless the provider’s settlement services are parchased. Some say it could also discourage corapetition and lower the quality of service. For more information on how you can help, and a sample letter to send your congressman, contact the American Land Title Association government department at 1-800-787-2582, or e-mail governmentaffairs@alta.org.
