Last Friday I attended a training class on the new Good Faith Estimate 2010.
It was taught by an attorney with the Praedo Insititute. He was well read on the subject and very much on top of his game.
There were many questions poised to the instructor. Mainly about how these changes will effect the way loan officers do business starting January 1, 2010.
He was patient and answered the questions. I recall one statement that related to Real Estated Agents.
It was in regards to asking for seller paid closing costs. Because the new GFE considers the Owner's title policy now a buyers cost. There could be some question on how the funds are to be allocated.
Huh? A buyers cost?
The state approved REPC seems pretty clear to me who's paying for the policy.
Maybe it's not as clear in other states or there is room for a different interpretation?
One thing does seem clear.
January and February are going to be a learning experience while everyone involved with the transaction are getting on the same page.
So to answer the question I poised.
Does it affect Real Estate Agents?
Yes.....
Have a Great 2010!
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Mark Watterson is a Utah licensed Real Estate Broker with Principle Realty Group, Inc. and a Utah license Loan Officer with Springwater Capital, LLC
Contact Mark Watterson your Local Property Resource Specialist for the most up-to-date market conditions data for Salt Lake, Davis, Utah and Weber Counties. View comprehensive property resource information at www.markwatterson.com and www.utahmark.com
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