HUD recently released some changes to the Good Faith Estimate to help real estate buyers better understand the loan they are getting. Read the details here. While these measures help, I believe there is no substitute for an honest mortgage person who makes sense of the numbers for you.
Sunday, March 16, 2008
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In general, I like it. Up to now, we in CA, have been mandated to use the CA "Mortgage Loan Dislosure Statement," which I think is more informative than the current federal "Good Faith Estimate." However, the proposed form looks more informative than California's form. I hope HUD beta tests it on some consumers for understandibility, because we lenders often take a lot for granted in that regard.
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