The newest version of the Good Faith Estimate, put into play on January 1, 2010, had good intentions. It is aimed at helping consumers to determine if they are paying fair costs for the mortgage they are obtaining. What it doesn't disclose is what funds are due at the closing table, which was what 99% of consumers wanted to know when obtaining this document in the past. So, was all the trouble to change this form really worth the effort?
Personally, this Loan Officer thinks "yes". Where a broker could easily hide extra fees in the past they no longer can. An untrained eye would not have seen excessive fees previously, but now it is laid out clearly what the cost of a bank's services really is.
On the other hand, we have had to create a whole new document to satisfy the need to know what a person actually needs to bring to the closing table.
Six of one, half a dozen of another. This article covers more detailed factors, as well.
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