New Consumer Article: New Good Faith Estimate and HUD 1 Form Approved
The new consumer article for the day is New Good Faith Estimate and HUD 1 Form Approved. The government has come up with new regulations on the Good Faith Estimate (Mortgage Loan Disclosure Statement in California) and HUD 1 Form. The final regulations will be published tomorrow (Friday) in final form. I don't have access to them until then, but unless the regulations give enough loopholes to completely emasculate the new Good Faith Estimate, this will be the best new thing for consumers since the creation of the thirty year fixed rate loan.
Exactly how this is going to play in California, with the required MLDS, is unknown at this point.
The one gripe I have thus far, and it's a big one, is that the new forms and their regulations don't go into effect until January of 2010, more than a year in the future.
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