Thursday, December 31, 2009

New Rules to improve Good Faith Estimates for Mortgages

On Friday, Jan. 1, 2010 there will be a new set of rules for lenders and brokers. These rules clarify, standardize the way estimates are provided for the cost of getting a new loan. and they set limits on how much those estimates can change prior to signing. In the past, it was too easy for an unscrupulous broker to provide a low estimate then up the charges as the client moved thru the process. The new rules will provide more data up front - which in some ways may be more confusing, but if the client asks lots of questions, it will help them make better purchasing decisions. If you have questions, give us a call at 916-799-4336 or visit our website at

Sorry for the absences with my blogs...... I'm back on track.....