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New Good Faith Estimate (GFE) And Truth In Lending (TIL)
Another case where the idea and original intent were good and the right thing to do. The creation and implementation of these forms was just done poorly. Creation of these forms at the federal level needs to be modeled more like our state associations and how they create forms for us to use at the local level.
After almost two years since the new Good Faith Estimate (GFE) and Truth In Lending (TIL) have gone into effect, Washington is coming to the realization that everyone in the Lending Industry came to the minute that the revised forms were unveiled.  The Lending Industry has been stating for almost two years that these forms do not do what they were meant to do.  In fact these two forms not only fall short of what they were intended to do, they may even be accomplishing the opposite.
The reasoning behind the new GFE & TIL was to bring about more transparency.  So the new GFE went from a one page document to a three page document, and the TIL from a one page document to a two page document.  The TIL may have actually moved closer to accomplishing the intent of the document, but it ... more

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