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What is wrong with loans and the new GFE?
OK, what ever happened to the "good old days" of a loan guarantee or commitment? It used to be you went to a lender, provided all (and I mean ALL) your documentation (tax returns, bank statements, pay stubs, references, etc.). The lender investigated your background, credit, verified your bank accounts / employment, and even called your references to ensure they where real. Then the lender gave you a loan commitment up to a given purchase price with the requirement of a given down payment. You knew EXACTLY what was required and what your loan terms were from the gun.
Since the internet, buyers started to "SHOP" loans, go to 5, 10, 20 different brokers... Due to this fact the brokers had to change the way they did business and low ball the loans to hook ya in. Then things would change, hence the new GFE.
But lenders brought this on themselves to by changing the loan rules on the fly. How many times have your clients been just days or hours from loan docs and SURPRISE, you have some need for additional paperwork or POOF, the loan you had was just flat gone and the only way to close the loan ... more

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