Hud wanted to make the good faith estimate better, and they just made it more confusing. What was just one simple self explanatory page, is now four pages long, filled with explanations that don't make any sense, deadlines that expire immediately. commitments that don't hold water, and the pi·èce de ré·sis·tance, the numbers lie to the consumer, so be weary, make sure you check out your loan officer, who has to be licensed by the Department of Banking in the State you are seeking to finance in. This is the only real significant change in the mortgage business, and it is meant to keep the bad players out. The (NMLS) National Mortgage Lenders Registry System tracks loan officer performance, infractions and violations are recorded, and you can determine if you are asking a truly credible person to help you establish a financial plan good for the next thirty years. You can also Google your loan officer's name and see just how involved they are in the community in which they lend, check out their website, and don't forget to ask if they have any letters of recommendation from satisfied customers. Doing the real homework first, will make your loan experience more satisfactory later.
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