New GFE to reshape mortgage ethics?

While improved, borrowers' final rate and points still unclear

On Jan. 1, 2010, a redesigned good faith estimate (GFE) will become effective, and make mortgage shopping a little easier for borrowers.

The GFE is a disclosure of information about a mortgage transaction that lenders must provide within three business days of receiving an application. The existing GFE, which has been around as far back as I can remember, is really bad, setting the bar for improvement extremely low. The new GFE clears the bar by a comfortable margin, though it is far from perfect.