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The U.S. Department of Housing and Urban Development released its first revision to the Real Estate Settlement Procedures Act in 30 years. The new form requires disclosure of yield spread premiums paid to mortgage brokers.

The revisions include a new standardized Good Faith Estimate that HUD estimates will save borrowers nearly $700 each, according to an announcement today from the housing agency.

“For the first time ever, HUD will require mortgage lenders and brokers to provide borrowers with an easy-to-read standard Good Faith Estimate that will clearly answer the key questions they have when applying for a mortgage,” HUD said.