Mortgage News: Changes in RESPA’s Good Faith Estimate (GFE)

Mortgage News: Changes in RESPA’s Good Faith Estimate (GFE)

HUD announces this week changes set to take place on January 1, 2010.   The changes are designs to help borrowers facilitate the shopping for a loan. Major changes include:

Disclosure of origination charges- an attempt to separate origination charges from interest rate movements.

Including (YSP) Yield Spread Premiums

Changes are required as of January 2010 but lenders are welcome to implement sooner. At Vintage Mortgage Group where I run my brokerage business we made these changes months ago. This will help create an even playing field among lenders and is welcomed by me.

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