2010 respa changes: New Good Faith Estimate Baffles Buyers & Riles Realtors - 02/24/10 02:36 AM
In their infinite wisdom, HUD decided that it would be better for consumers (buyers) if they knew the TOTAL cost of the transaction instead of just what THEIR closing costs were.  Not a bad idea in theory.  The PRACTICE has become a problem, though.
Pre January 1, 2010, loan originators would show buyers a Good Faith Estimate with the buyer's closing costs, prepaids, and down payment.  That would give them the TOTAL they would need to get into the house.  The 2009 GFE also showed their TOTAL monthly payment.
Unbelievably, the 2010 GFE has neither of those numbers on it.  Can … (3 comments)

 
Wes Moore, (NMLS#205189) (superior mortgage services, llc)

Wes Moore

(NMLS#205189)

Albuquerque, NM

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superior mortgage services, llc

Address: 8300 carmel ne, suite 203, albuquerque, nm, 87122

Office: 505(275) 020-0112

Mobile: (505) 249-4506

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