All Posts Tagged With: "good faith estimate"
Has Mortgage Lending Gotten Better Since Wall Street Reform?
Has lending really gotten better for borrowers during in the past few years? Certainly mortgage rates have improved. In recent weeks they have been at or near historic lows. But no less important the lending system has improved. It’s not just that mortgage rates are better, it’s also that the probability of getting a good [...]
24Oct2011 | Peter G. Miller | 0 comments | Continued
How Steve Jobs Would Have Fixed The Mortgage Mess
The passing of Steve Jobs came too soon. It didn’t matter if you were a fan of Apple products or not, no one would deny that Jobs radically changed the worlds of computing, music, movie animation and product design — and all for the better. Our condolences to his family and friends. Unfortunately, there’s no [...]
7Oct2011 | Peter G. Miller | 0 comments | Continued
Are ARM mortgage interest rates about to rise?
The Consumer Finance Protection Bureau has come out with a new approach to mortgage financing, good faith estimate forms (GFEs) that are supposed to be better than the form introduced by HUD in 2010. This is important stuff for three reasons: First, HUD estimates that the 2010 GFE saves borrowers $700 per loan. Second, when [...]
31May2011 | Peter G. Miller | 0 comments | Continued
New HUD Rule Goes After Fake Mortgage Loan Letters
Did you ever wonder why you get so many letters and emails from lenders who offer low mortgage quotes and seem to be affiliated with the FHA or HUD? The answer, very simply, is that you ought to wonder. Why? Lenders are not supposed to imply or infer any endorsement from the federal government. In [...]
26Apr2011 | Peter G. Miller | 0 comments | Continued
What Is A Mortgage Loan Worksheet?
Starting in 2010 the government introduced a new Good Faith Estimate form which required lenders to spell out loan costs in very precise and standardized language — information which lenders must honor at closing. The new form from HUD has raised a question among some lenders as to whether a pre-approval letter or a pre-qualification [...]
1Jul2010 | Peter G. Miller | 0 comments | Continued
Is The FHA Moving Toward 1% Up-Front Insurance Premiums?
Is the up-front insurance charge for FHA mortgages going to fall? FHA-backed mortgages are now a huge part of the financing landscape, but since April the up-front mortgage insurance premium has been 2.25 percent for most FHA borrowers. Now there’s some discussion regarding the idea of a 1 percent up-front MIP — but a higher [...]
17May2010 | Peter G. Miller | 2 comments | Continued
No More Pre-approval Letters, Say Lenders
As a result of the new mortgage borrower protections that took effect January 1st, some lenders are now saying they can no longer provide pre-approval letters. “Before writing the letters, lenders like to see proof of income, such as a pay stub or tax return. But under the Real Estate Settlement Procedures Act rule that [...]
8Mar2010 | Peter G. Miller | 1 comment | Continued
How To Read The New Good Faith Estimate Forms
Since January 1, 2010 HUD has required lenders to use a new Good Faith Estimate form or GFE. This is important because whether you buy a mansion or a cottage, you want to know how much your mortgage is going to cost — not just the interest rate but all the fees and charges you’ll [...]
2Nov2009 | Peter G. Miller | 1 comment | Continued
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