NEW FORM: GOOD FAITH ESTIMATE (GFE)
Thursday, October 22
As we are now aware, the new RESPA reform is requiring the use of a revised GFE (sample: http://www.hud.gov/content/releases/goodfaithestimate.pdf). The main focus in the revision was the consumer/borrower. The revisions and it's regulations are to assist the consumer in making it easier to find ...
Sorry for delay on my next blog post...
Thursday, October 22
I'm sorry everyone for the delay on my next post concerning the new Good Faith Estimate. I was about 15 minutes from having it completed and then lost power and now have to start over. I will do my best to have this posted shortly. Thank you for your patience.
REFORM INTRO: I Urge You To Pay Attention!
Tuesday, October 20
The answer is "yes" you will be impacted by the new regulations if you are in the real estate industry. If you ever look at a HUD settlement or a GFE. Are you going to be one of those who in fact know what they are talking about with the new reform or seeking answers and truths at the last minute...
The Components of the Final RESPA Rule
Tuesday, October 20
(Effective 1/1/2010) FINAL RULE QUICK SUMMARY:1) Changes to the new Good Faith Estimate (GFE). It will now become a 3 page document. 2) Yield Spread Premiums (YSP) are not longer paid to a mortgage broker, but are now going to be a credit on the NEW HUD to the borrower. 3) The NEW HUD-1 form will...