“THE revamped Good Faith Estimate form, which arrived just over a year ago, has helped give home buyers and homeowners looking to refinance their mortgages a better understanding of their borrowing costsWe have had difficulties with lenders and their preparation of the Good Faith Estimate (GFE.) That which was intended to be a simplified method of explaining loan costs is anything but that. And, lenders do not uniformly provide us, as settlement agents, with information that needs to be reported. In other words, even lenders are confused about what information goes on which line.
“But industry experts say the three-page, line-by-line disclosure — which lenders must provide within three days of receiving a loan application — still falls short of telling borrowers exactly what they will be paying. Some in the mortgage industry complain that it can even distort or obscure the true cost.”
Read the full article by Lynnley Browing.
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