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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top