- Good Faith Estimate (GFE) 2010 is introduced January 1, 2010. Six items now required before the loan originator can provide you with a GFE: Name, Property address, Estimated Property Value, Loan Amount, Income, and Social Security Number (Credit Report). Fees locked for 10 business days from issuance of GFE. Designed to protect the consumer from an increase in fees and encourage comparing options. Most likely, will lead to less comparing since a GFE can’t be issued until the loan originator can pull credit.
- Legislation on the table to repeal HVCC.
- Federal Reserve Board debating over Yield Spread Premium (YSP). In the past, YSP was a credit that had been paid to the loan originator by the lender. GFE 2010 changes YSP from a loan originator credit to a borrower credit.
- HUD to suspend the 90 day anti-flipping rule for one year starting February 1, 2010. Existing rule prevents a home owner from selling a home that they have owned for less than 90 days. Lenders still have to approve this new rule.
Looking Forward to 2010
January 21st, 2010 by Mortgage Master Luke Leave a reply »Posted in Know Your Mortgage, Mortgage Industry, Real Estate Industry, Understanding Your Mortgage
Tags: 1st Time Home Buyer 1st Time Home Buyer Tax Credit 6500 Credit 8000 credit Applying for a mortgage Difficult to Get a Mortgage Federal Reserve Board GFE Good Faith Estimate HVCC RESPA The Kunselman Team Yield Spread Premium YSP
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