RESPA reform, the new Good Faith Estimate, the new HUD and you, part 4 - 01/04/10 11:06 AM
Q:  I have been told that under the new rules the loan originator must issue the good faith estimate (GFE)when the borrower makes application and that they do not need to deliver the GFE until they have a complete application.  Is this correct?
A:  Partially.  The loan originator is required to issue the new GFE form no later than 3 business days after the loan originator receives an application or information sufficient to complete an application. The term "loan originator" means a lender or mortgage broker.
Under the new RESPA rule, the term "application" means the submission of a borrower's financial … (0 comments)

 
Brian Leavitt (Northstone Real Estate Inc. & Northstone Mortgage) Rainmaker_large

Brian Leavitt

Issaquah, WA

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Northstone Real Estate Inc. & Northstone Mortgage

Address: 1495 NW Gilman Blvd, Suite 16, Issaquah, WA, 98027

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Real estate and mortgage advice, , thoughts, wisdom (or lack thereof), opinion, humor and general real estate and mortgage commentary. Based on more than 30 years of hard won experience and over 1000 homes sold. Blog posts are published most weekdays or so, and are provided as a service of Northstone Real Estate Inc. and Northstone Mortgage. Your comments, questions, criticism, opinions, diatribes, etc are always welcome.


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