Will the new good faith estimate help or confuse the client? - 12/09/09 06:48 PM
As of January 1st in 2010, a new Good Faith Estimate  form will be required.  It is intended to help the consumer better shop for a loan.   The new form will be three pages vs the one page form currently in use.
It will require loan originators to bundle "origination costs" in one figure, credit any rebate to the borrower, and guarantee the charges for no less than 10 days.
On the surface, it sounds good.  Testing by Hud has shown otherwise.  It will take a well educated originator to accurately explain the new 3 page good faith estimate so that … (23 comments)

 
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Roger Howell

Boise, ID

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Fairway Independent Mortgage Corporation

Address: 1775 N. Hickory Lane, Ste. 1, Meridian, ID, 83646

Office Phone: (208) 955-1234 x 30

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