The new Good Faith Estimate is on its way to implementation on January 1st. The government, without a lot of help from the industry I'm told, is going to mandate a universal GFE.
In general, I'm not opposed to a standardization of information, if possible. There are many items on the new GFE that do make sense, for both lenders and their clients.
Two items, or more correctly, two missing items did stick out at me as being pretty silly. If you didn't already know, the new GFE does not allow for the sales price, or the cash to close. The lenders I use are having to put together separate documents to provide critical missing information.
What were they thinking? How could a sales price, and cash to close not be allowed? In Maryland, and many other States I'm sure, some of the calculations for the GFE are based on...the sales price.
I could be missing something here, please let me know.
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Rich Iarossi is a full time licensed REALTOR®, working in Crofton, MD. My coverage areas are: Anne Arundel, Prince George’s, Howard, Calvert, Queen Anne, and Baltimore City and County. I specialize in residential real estate, working with both buyers and sellers. Use the registration free search on my website at www.RichSellsHomes.com. If you’re not already working with a REALTOR®...I can help. Call me at 443-995-9595 (Cell) or 410-451-6255 (Office).
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Agree. With all of the time, money, and energy put into this some basics are missing.
Let's face it. Most at the end of the day want know 2 things. Payment and cash down. Neither are addressed on the GFE.
have a great day
Tony
Tony: I just don't understand how these could hurt.
Rich...
I think that is important information that a consumer needs to know.
Richard: Makes no sense to me why they're not on the new GFE.
Hi Richard,
Just one more government intervention not thought out and not spent enough time on. Two very important pieces of information that should be on the GFE!
Richard, two critical pieces of information that the Consumer needs to know. Thanks for the update.
I haven't looked at one in depth yet. But have a lender coming in to train my team on how to read it.
Seems silly not to be able or have to put the sales price on it.
All things should be considered when making GFE. I am puzzled why this info is not standard also.
Richard
I hope your had a great Christmas.
Good luck and success.
Lou Ludwig
Why doesn't this surprise me ? I am looking forward to actually see one. Who knows..............
Rich C'mon - be kind. Your tax dollars are working ever so stupidly. The bad news is when they fix it they'll mess it up even worse
I have so many new forms to learn shortly after Jan 1st. Every agency seems to want to add another form to our purchase and sale agreement. Congrats on your 400th post Rich!
Counting down the time till 2010,
Paul
Seems incredibly silly to me to have this information missing from the GFE. Why am I not surprised though?
Richard, Do the Feds really ever think things through? They seem so bent on legislation, legislation, legislation. Dang! I wish that some fool on the hill would really just stop and think for a moment. I get so-o-o-o peeved...
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