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Today we have the final installment in the series on the new Good Faith Estimate formThe 2010 Good Faith Estimate (Page Three). Your government that should be protecting you from the worst sort of mortgage provider lies is now actively enabling those lies by allowing/making a false statement that the numbers quoted at sign up cannot change.

The second installment in the series The 2010 Good Faith Estimate (Page Two) is now up. Read it and weep - for consumers nationwide who were hoping the government would provide the solution to their troubles. Didn't happen. Instead, it's same old game of low-ball the consumer to get them to sign up, only now the lender is supposed to come clean at a point which is too late for anyone to change loans. Exactly how does that benefit consumers?

The third and final installment will publish tomorrow.

It's been a while, but the most recent Transaction From Hell (seller's tenants didn't want to move out - or even let inspectors in) is finally over and I've had a little bit of chance to recover. Today's new consumer article is The 2010 Good Faith Estimate (Page One). Read it and weep - for consumers nationwide who were hoping the government would provide the solution to their troubles

I intend to have more for tomorrow.

It's been a while because I've been both busy and depressed over dis-improvements in the market and their effects upon consumers, but yesterday I found time to write a new article Changes In The Mortgage Market And Transparency Since 2005. It explains a lot of changes in the mortgage market and why savvy consumers have lost a lot of control over the process in just the last few months.

The new consumer article for today is Assuming Seller Concessions On Loan Quotes, which discusses why lenders do this: To make an expensive loan look not so expensive. But there is no way to get seller concessions (Seller Paid Closing Costs) without paying for them in the purchase price. Which means you're paying for them twice - once in the purchase price, once for loan costs.

The new consumer article for today is The Loan Shopping Koan, talking about the contradiction offered by dueling interests: The fact that while consumers want the best possible loan, against the opposing fact that it's very easy for loan providers to talk a good game while fully intending to deliver something not so good, and regulations don't do anything real about this. There's also a loan officer koan in there, talking about balancing the divergent ways that the industry and consumer interest pull the better loan officers.

The new consumer article for today is They Told Me Not To Make My Loan Payment. Ladies and Gentlemen, that's one of the top ways to get yourself in trouble when you're refinancing. What if your new loan cannot be done for some reason? In some cases I may ask people to wait or to hold off, but never just to flat not make the payment.

The new consumer article for today is Student Loans and Real Estate Loans: Default, Repayment vs. Nonpayment and Consolidation. These are the three issues that are most common for loan applicants to run afould of.

The new consumer article for today is The Home Valuation Code of Conduct (New Appraisal Standards) that are going to be taking effect (appropriately enough) on May 1 ("May Day" or "MAYDAY"). It is going to be almost impossible for anyone to hold appraisers accountable for bad valuations.

There will be nothing your loan officer or anyone else can do about the appraiser who gets it wrong and spikes your transaction while wasting your money except complain to your representatives in Congress until they actually fix the problem instead of metaphorically amputating someone's arm in order to treat a twisted ankle.

The new consumer article for today is What Are The Note And Trust Deed And What Is The Difference?. This is a basic article on the differences and relationship between the two documents; one that documents the debt and one that creates the security interest.


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