Jeremy's Blog

More Paperwork!

I wanted to pass along a sneak peak at the New Good Faith Estimate & HUD-1.

The new GFE & HUD comes out January 1, 2010.

Legislators have decided that the GFE will be easier for home buyers to understand if they make it longer.  So it’s going from 1 page to 3.  In some ways it will be better the GFE explains every fee in plain English, talks more about the rate and terms, as well as the length of the rate lock.  The only thing a document will never do is answer the question “is this the right loan for the right borrower?”  This is something only a loan officer can do.  Not just any loan officer, it takes someone that both listens to the customer’s needs and helps plan for them. 

NEW HUD-1

NEW GFE

HUD  Press Release