There Out To Get You / Finding Truth In Truth In Lending, Good Faith Estimates Part 6 - 02/19/07 04:38 PM
Let me start by apologizing for the first 5 parts of this series! Unless you're a mortgage originator a line by line understanding of the "Good Faith Estimate" is a waste of time, most are a waste of paper!
My regular readers know that I believe that Regulation Z was a noble … (7 comments)

Good Faith Estimate Part 5 - 02/14/07 03:42 PM
Line 902 *Mortgage Insurance Premium
This is the PMI or MI paid in advance.
Line 903 Hazard Insurance Premium
This is the first year's cost of your home owners policy. This fee will be what it will be, it's better if this estimate is high.
Line 905 *VA Funding Fee
Fee charged by the VA.
All lines … (4 comments)

Good Faith Estimate Part 4 - 02/13/07 12:34 PM
Line 102 and 1203
Rarely used.
Line 1302 * Pest Inspection Fee
This depends upon local need. If required by lender see. Always required on VA loans.
Unnumbered Comparison To Broker (Not Paid Out Of Loan Proceeds)
This is the "Yield Spread Premium" paid by the lender/investor to the mortgage broker, if not for the YSP … (1 comments)

Good Faith Estimate Part 3 - 02/13/07 06:28 AM
Line 803 *Appraisal Fee
The estimate cost of the appraisal. This rarely varies except when additional inspection are required because of unfinished work or required repairs.
Line 804 *Credit Report
The cost of the credit report, this can go up as the actual lender may require additional reports or an electronic report may need … (1 comments)

Good Faith Estimate Part 2 - 02/12/07 12:24 PM
The Good Faith Estimate is an "ESTIMATE" of the cost of the loan you've applied for.
The lender is required to provided you with it and its' companion the "Truth in Lending" form within three days of your application.
We're going to go through it line by line, but the individual … (2 comments)

Good Faith Estimate Part 1 - 02/12/07 12:15 PM
Figures don't lie, but liars figure!
It is never so true as in "The Good Faith Estimate!" If that weren't bad enough for the real estate consumer the liars' figures get exponentially distorted, when applied to the "Truth In Lending" form! These are government mandated disclosures that lend an air of … (2 comments)

 
Real Estate - Other: William J Archambault Jr (The Real Estate Investment Institute )
William J Archambault Jr
Las Vegas, NV
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The Real Estate Investment Institute

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