{"id":59,"date":"2010-02-23T15:17:55","date_gmt":"2010-02-23T20:17:55","guid":{"rendered":"http:\/\/www.artisanhomemortgage.com\/news\/?p=59"},"modified":"2020-03-30T14:07:55","modified_gmt":"2020-03-30T18:07:55","slug":"gfe-good-faith-estimate-2010","status":"publish","type":"post","link":"https:\/\/www.artisanhomemortgage.com\/news\/gfe-good-faith-estimate-2010\/","title":{"rendered":"GFE Good Faith Estimate 2010"},"content":{"rendered":"

So here we are, in a Brave New World, 2010.\u00a0 As the mortgage industry continues to come under scrutiny, we are working with mountains of new guidelines and procedures designed to create better transparency and protection in the market.\u00a0 I agree we need it but it’s often like the drug commercials we see, where the side affects sound worse than the initial problem, but let’s move on.<\/p>\n

There is a new Good Faith Estimate in place designed to improve clarity and accuracy in loan proposals.\u00a0 I will give you some basics on it and then talk about its real affects in the marketplace.\u00a0 The GFE has 11 boxes designed to simplify the proposal.\u00a0 Certain fees must be guaranteed while others have tolerance change levels ( 10% ).\u00a0 Other boxes have no tolerance levels , meaning no matter what it says on the GFE it can change to any number.\u00a0 These are usually pre-paid items and not loan costs.\u00a0 Anytime we can have better transparency in the process, I applaud the action. However, we are still working with commodities and not goods!\u00a0 No matter how much you try to simplify the mortgage, it will always be tied to the market.<\/p>\n

To learn more call (833) 844-0141<\/a> today,\u00a0 request a Free Mortgage Quote<\/a> or prequalify<\/a> to find out about available mortgage options.<\/strong><\/p>\n

Now, there are some changes to the GFE that make no sense at all.\u00a0 The number 1 worse change, is that it no longer gets signed!\u00a0 All the effort and time to streamline a document and now the customer doesn’t even sign it. They sign another form that states that they have seen the GFE and got a copy.\u00a0 If anyone can make sense of this let me know.\u00a0 Also, we no longer itemize the fees, rather we lump categories of fees together in order to focus more on the totals rather than the individual costs.\u00a0 Missing is the old details of transaction, which would show the total breakdown of the loan proceeds with a clearer picture of the entire transaction.\u00a0 Two steps ahead, 3 steps back.<\/p>\n

In end it’s just paperwork and people don’t read anyway. Those who read before are still reading and understanding what they are dealing with.\u00a0 The fact of the\u00a0matter is not all people are strong with math.\u00a0 After you have reviewed 50 documents the picture gets fuzzier. It makes me think about the dozens of prospectives I get each year pertaining to my retirement account. I have tried to read them before and it goes right over my head.\u00a0 The same goes for mortgage paperwork to many people. Do you know the difference between a pre-paid item and closing cost? Do you understand the ins and outs of a rate lock agreement?\u00a0 The mortgage process can be a complicated equation and the lay person needs to be able to rely on the knowledge of a true professional.\u00a0\u00a0\u00a0 The real answer is that paperwork changes nothing! I am a big believer in Adam Smith’s hands off approach and I believe the marketplace will always cleanse itself.\u00a0 Someone will always get ripped off and some people won’t. If you ask around, check better business bureaus and ask for referrals of your friends and family, you will probably be able to find a reputable person in any vocation.<\/p>\n

So let’s ask the question, do all these new laws and regulations really help or does it just keep other people working?\u00a0 There is nothing better as a bureaucrat than \u00a0to create work and increase your budget in the name of protecting the people.\u00a0 If you have ever seen a magic show, you know the power of mis-direction.<\/p>\n","protected":false},"excerpt":{"rendered":"

So here we are, in a Brave New World, 2010.\u00a0 As the mortgage industry continues to come under scrutiny, we are working with mountains of new guidelines and procedures designed to create better transparency and protection in the market.\u00a0 I agree we need it but it’s often like the drug commercials we see, where the<\/p>\n","protected":false},"author":3,"featured_media":1248,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[160],"tags":[],"class_list":["post-59","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-updates"],"yoast_head":"\nGFE Good Faith Estimate 2010 -<\/title>\n<meta name=\"description\" content=\"There is a new Good Faith Estimate in place designed to improve clarity and accuracy in loan proposals. I will give you some basics on it and then talk about its real affects in the marketplace. 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