Wednesday, January 6, 2010
more details on new Good Faith Estimates
Just a little more clarification on the new Good Faith Estimates - mentioned in my previous posting.... There are 3 areas that are impacted: 1) the fees collected by the lender/broker as "origination fees" cannot change once provided in the GFE, 2) fees collected for recording, title, etc. cannot change by more than 10%, 3) fees on services selected by the borrower, have no limits on the changes since they are selected by the borrower.