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Understanding the New Good Faith Estimate.
On January 1, 2010, the new standardized (nationalized) Good Faith Estimate went in to mandatory use. The intent of the form was to create a standard disclosure for all mortgage providers – better...
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Why the mortgage process seems so different
Many changes occurred in the mortgage industry over the last couple of years. In this post, I want to spend some time highlighting a few of the major changes. - Non bank loan officers now must be...
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Does the APR really show the “truth” in lending?
The federal government requires the mortgage industry to use the Annual Percentage Rate (known as APR) for consumers to compare offers from mortgage companies. The idea behind its mandate is to...
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Using APR to find a “great deal”
Last year I blogged about whether or not APR really showed the “truth in lending.” You can see that post from my blog here. Recently I ran across a post by Dan Green from @mortgagereports. Dan is a...
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Origination Fee vs Origination Charge
Some new vocabulary came along the new good faith estimate that was introduced in 2010. For anyone who has never been through the loan process before, the terminology change didn’t really matter too...
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Coming Soon: Loan Estimate
As discussed back in March, the new Loan Estimate disclosure is on its way! Originally, the new disclosure was scheduled to start August 1, but the CFPB move the implementation date to October 1. Use...
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