Good Faith Estimate

Mortgage Disclosures Are A Joke. VOTE For New Ones.

When you apply for a mortgage, you get Good Faith Estimate (GFE) and Truth In Lending (TIL) disclosures which show you fees and rates respectively. They’re both a joke because the GFE doesn’t show line item-specific fees and the TIL doesn’t show your actual Note rate. In May the CFPB set out to fix this

More Good Faith Estimate Revisions: Vote Now!

In May, the Consumer Financial Protection Bureau posted new Good Faith Estimates for public and industry feedback. Today they posted the second draft of the new consumer mortgage disclosures after receiving more than 13,000 comments. These are what consumers will be given by lenders to explain loan terms and quote rates, so consumers and industry

Good Faith Estimate Revisions: CHIME IN NOW!

So much effort has gone into discrediting and dismantling the new Consumer Financial Protection Bureau, you start to believe it after awhile. But as a mortgage insider, I have to say their first big splash looks ok. Today, they posted proposed disclosure forms for mortgage consumers and pros to comment on. They’re a big improvement