On January 1, the new RESPA Good Faith Estimate regulation went into effect. It requires that consumers receive a standard, three-page Good Faith Estimate to help them shop for and compare lenders’ offerings in an effort to get the best deal.
Lenders and mortgage brokers are required to give consumers the standard estimate form within three days of receiving a loan application. To facilitate a more easy to understand, “apples to apples” comparison for consumers, lenders must combine all of their fees into one “origination charge,” enabling consumers to compare lender’s fees. In addition, lenders are forbidden from increasing the origination fee from the estimate.
Visit HUD’s RESPA website to read all the provisions of the new rule and download the applicable forms.
Save a forest!
We Californians are the original tree-huggers. Most of us live here because we love the geography – the weather, the land, the mountains, the trees…. ah, the trees.
Taken together, the real estate and legal professions kill a lot of trees. All that paperwork. Just one real estate transaction can take up hundreds of pages of paper. In 2010, with all the technology we have at our disposal, is that really necessary?
Mosaic Corp. says no. Their business is providing paperless solutions for business. Check it out here and give it some thought in this New Year, this new decade. Save a forest. Hug a new idea.