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Is there a missing puzzle piece in the new GFE?
What's missing from the new GFE?  Transparency for the borrower is the puzzle piece that is missing.  Even though Washington's intent was to make the mortgage transaction more transparent, they have missed the mark again.
The new GFE does help borrowers compare one lender to another - IF they are requesting the same lending product from both lenders. Something that most borrowers wouldn't know to ask for.
The new GFE may save the borrower a few bucks on junk fees and unnecessary lending charges, but what it doesn't do is prevent loan officers from hiking up the interest rate to increase the Yield Spread Premium. It also does nothing to prevent the loan officer from putting a borrower into a loan product that may not be in the best interest of the borrower. This is not a big deal now since most of the loans are conforming or FHA fixed, 30 year loans. But it will be a big deal when portfolio loans and low to moderate income loans come back into the marketplace sometime in the future.
I just recently talked with a loan officer that received training from a national mortgage company. In the training on the new GFE they ... more

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