Monday, March 17, 2008

HUD Proposes to Revise "Good Faith Estimate"

The good faith estimate is a form of estimate charges provide by a mortgage broker or lender outlining costs associated in obtaining a loan. HUD is proposing an easier to read and more comparative analysis of quotes. The mortgage industry is against proposal as it would disclose the yield spread preimum that is paid by lender to mortgage broker. Please click here for full details.