http://www.ourbroker.com/mortgages/2010-mortgage-good-faith-estimate-gfe-explained/ One-Stop Consumer Real Estate Information Since 1996 Wed, 10 Mar 2010 21:31:07 -0500 http://wordpress.org/?v=2.8 hourly 1 http://www.ourbroker.com/mortgages/2010-mortgage-good-faith-estimate-gfe-explained/comment-page-1/#comment-5187 JMarsh Thu, 21 Jan 2010 17:23:23 +0000 http://www.ourbroker.com/?p=4109#comment-5187 You forgot to mention what the new GFE is MISSING!! Specifically, the sales price, the down payment amount, the total monthly mortgage payment, and the actual total cash needed at closing! These are 4 MAJOR items that HUD dropped the ball on. Now the customer sees a "Total Estimated Settlement Charges", and assumes this is the amount they need at closing, but the down payment, seller paid costs (if any) and earnest money are not reflected in that number. This causes MORE confusion than clarification. HUD needs to revise this form sooner rather than later. But I suppose that could take another 14 years. You forgot to mention what the new GFE is MISSING!! Specifically, the sales price, the down payment amount, the total monthly mortgage payment, and the actual total cash needed at closing! These are 4 MAJOR items that HUD dropped the ball on. Now the customer sees a “Total Estimated Settlement Charges”, and assumes this is the amount they need at closing, but the down payment, seller paid costs (if any) and earnest money are not reflected in that number. This causes MORE confusion than clarification. HUD needs to revise this form sooner rather than later. But I suppose that could take another 14 years.

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