Will new disclosure requirements for lenders help or hurt?
Published On: August 18, 2009
Lenders will be facing tighter disclosure requirements with home mortgages. There are parts of me that like this and parts that wonder if this will make closing loans in a difficult lending environment, more difficult. Good Faith Estimates are designed to protect the buyer. Forcing the lender to provide the GFE within 3 business day of application is a move in the right direction. I have seen Good Faith Estimates have decrepancies of $500- $1000. This is inexcusable. Delaying the closing 3 addition days, however, because the APR has changed more than 0.125%, is too long in my opinion. Corrections could be made and closing rescheduled in 24 hours. I do hope, in the end, closings will be smoother and surprises will be fewer. Only time will tell. http://tinyurl.com/ksx8lk
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