Posts Tagged ‘good faith estimate’

My industry, mortgage lending, has been in a state of turmoil for way too long. We has seen changes in underwriting, disclosures, rates, mortgage insurance rates, pay systems and now new disclosures, again. Read More

On January 1, the new 2010 Good Faith Estimate came into being amid a lot of hoopla and consternation. Now that it is here, many people don’t know exactly what it does and doesn’t do for the consumer and how it will effect and what affect it will have on Realtors®. This is a major change in RESPA (Real Estate Settlement and Procedures Act). Because of the changes, I will be holding webinars for Realtors® in my service area (Oregon, Washington and California) with a limit of 25 per day allowed to register. Here is the sign up form for the webinars: Read More

The 2010 Good Faith Estimate (GFE) is drawing fire from the financial industry and interestingly enough, it is also the basis of HUD going after some lenders for not following the new rules. According to a recent column by Kenneth Harney, Washington Post, this is happening because lenders are sidestepping the new rules by not issuing a Good Faith Estimate and instead using “worksheets” and “loan scenario” forms according to Mr. Harney. Read More

Interestingly, the Good Faith Estimate, a backbone of the mortgage industry, will be changing on January 1, 2010 with some very major changes, designed to help consumers compare loans from one lender to another. Very major changes but unfortunately, we still don’t know what all of them are or how they are being interpreted because HUD hasn’t released the final information yet. This is something that will have a direct bearing on your Real Estate transactions in the Eugene/Springfield area and is supposed to make shopping for a mortgage easier, but will it? Read More