Well here we go again.
The federal government is about to change the standard forms in the mortgage industry in an attempt to make financing more transparent for consumers. You may be surprised to hear me say that I think they have actually taken a step in the right direction this time. The current closing estimate which is referred to as the 2010 GFE in our industry has totally confused consumers and even us in the industry. With the new forms this time, the federal governemnt is looking for input from both the consumer and professionals in our industry.
There are currently two versions that are being considered. To get a look at what is coming out please follow this link http://www.consumerfinance.gov/know-before-you-owe-go/ and let everyone know what you think about it. One form will be chosen after a survey and comment period. It is almost like voting on a popular singing show for the final two forms left standing. If anyone has any questions or comments for me please feel free to contact me.
