Well Intentioned new HUD rules went in to effect January 1, 2010. The intention was to provide a new standardized GFE that would empower the buyer and make it easier for the buyer to shop for a loan.
To some extent I think that they have accomplished their goal with one huge problem.
The problem now is that with the new rules the lenders have become much less free with the GFE.
We are now getting estimates with all kinds of names except for GFE.
I will write more on this as the industry sorts it out. Until then you will find below some info.
Sample of the new GFE
http://www.hud.gov/content/releases/goodfaithestimate.pdf
Explanation of the new GFE
http://www.hud.gov/offices/hsg/ramh/res/resparulefaqs.pdf
Joel Garcia
Tags: Good Faith Estimate, New GFE, New Hud Rules
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February 1, 2010 at 6:48 pm
Racheal - Oklahoma City New Home Blogger
I look forward to learning about the new HUD rules and your take on them. I will be staying tuned in on your blogs.