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Loan Modification

: Mortgage Lender Implode-o-Meter

Mortgage lenders exploit a loophole in HUD?s new ?good faith estimate? rules

By Implode-Explode Heavy Industries

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So how have the first two weeks of the reforms been going? Not exactly as planned. Many loan officers and lending institutions are sidestepping the new, price-bound GFE by giving shoppers ?work sheets? and ?loan scenario? forms that come with no legal requirements for accuracy, and were not even contemplated under the reforms.

In effect they are substitutes for the new GFEs but, in the wrong hands, they are open to lowballing and bait-and-switch games.

Full post as published by Mortgage Lender Implode-o-Meter on January 19, 2010 (boomark / email).

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