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Reform Will Boost 'OneFee'.(Brief Article)(Statistical Data Included)

Mortgage Servicing News

| August 01, 2002 | Finkelstein, Brad | COPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

The management of ABN Amro Mortgage Group Inc. here has seen the future of the mortgage business and believes that it will feature one all-in cost disclosed to the consumer.

Giving the customer one single price for a mortgage has been part of the discussions in Real Estate Settlement and Procedures Act reform.

Recent statements by Housing and Urban Development secretary Mel Martinez have furthered the view that bundled services will be the way the new regulatory and business environment will shape up.

Willie Newman, ABN Amro Mortgage executive vice president, said, "We applaud HUD's position on bundling services and a simpler, clearer disclosure.

"This will greatly benefit AAMG's customers and business partners in that it will give the company the ability to offer OneFee to a much broader audience in multiple business channels."

Right now ABN ...

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