New Good Faith Estimate Requirements - Starting 1-1-10
Based on the changes to the RESPA that came into effect last year, there are a few more changes that will be taking place January 1, 2010. One of the biggest changes is the Good Faith Estimate and the HUD-1 that goes along with it.
Lenders are required to fully disclose all of the costs of the loan to the buyer within a prescribed format and timeframe. Rumor has it that there is a lot of confusion when it comes to interpreting the changes within the lending industry. Therefore, it might hold things up a little at the begiinning of the year until everyone works through the process a few times.
I have included a power point that talks about the details of the GFE changes and a copy of the new GFE.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Based on the changes to the RESPA that came into effect last year, there are a few more changes that will be taking place January 1, 2010. One of the biggest changes is the Good Faith Estimate and the HUD-1 that goes along with it.
Lenders are required to fully disclose all of the costs of the loan to the buyer within a prescribed format and timeframe. Rumor has it that there is a lot of confusion when it comes to interpreting the changes within the lending industry. Therefore, it might hold things up a little at the begiinning of the year until everyone works through the process a few times.
I have included a power point that talks about the details of the GFE changes and a copy of the new GFE.
If you want to learn more about these changes, you can go to this link http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125