Understanding the new GFE

1. the new GOOD FAITH ESTIMATE changing for 2010

2. “ THERE IS NOTHING WRONG WITH CHANGE IF IT’S IN THE RIGHT DIRECTION. ” winston CHURCHILL

3. NOV 2008 HUD AMENDS RESPA

4. changes to provide TRANSPARENCY

5. STANDARDIZE how loan fees are DISCLOSED

6. the new GFE different WAYS in many

7. three PAGES 1 2 3

8. costs are BUNDLED together

9. doesn’t show WHO is paying the COSTS

10. doesn’t show MONTHLY PAYMENT

11. doesn’t show LOAN PROGRAM

12. Initial GFE is binding and can only be changed under certain circumstances.

13. act of GOD

14. change of INFORMATION

15. GFE 2010 STIPULATIONS

16. Can’t issue a GFE without a complete application.

17. THESE SIX ITEMS APPLICATION make a complete NAME SOCIAL SECURITY # MONTHLY INCOME PROPERTY ADDRESS PROPERTY VALUE LOAN AMOUNT

18. tolerance LIMITATIONS Unlimited 10% 0%

19. moving FORWARD

20. TEAM providing advice in a ENVIRONMENT REALTOR LENDER client STAFF CLOSING AGENT

21. PROCESS refined

22. “ The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday’s logic. ” peter DRUCKER created by: