new gfe: Has the the New Good Faith Estimate help?
- 01/12/11 08:58 AM
At the beginning of 2010 new lending guidelines went into effect regarding how loan originators handle the loan process and how closing costs must be disclosed to the buyer. One of the new rules included a nationwide standard Good Faith Estimate (GFE). The purpose of the new Good Faith Estimate is to hold lenders to the fees they quote the buyer and make it easier to compare loan programs and fees between lenders. New GFE's Goal: Allow Buyers to Compare Loans HUDs goal is to make sure that all lenders quote realistic fees and try to avoid any last minute closing … (2 comments)
At the beginning of 2010 new lending guidelines went into effect regarding how loan originators handle the loan process and how closing costs must be disclosed to the buyer. One of the new rules included a nationwide standard Good Faith Estimate (GFE). The purpose of the new Good Faith Estimate is to hold lenders to the fees they quote the buyer and make it easier to compare loan programs and fees between lenders.
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