1 / 23

New GFE

New GFE

guest42276
Download Presentation

New GFE

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. It will change the way we do business

  2. It may confuse some borrowers

  3. Many loan professionals will struggle to adapt

  4. Like it or love it, there is no question…

  5. Good Faith Estimate 2010 IS HERE

  6. ? DID YOU KNOW

  7. The intent of the new Good Faith Estimate is to…

  8. LEVEL THE LENDER PLAYING FIELD

  9. THROUGH STANDARDIZING HOW LOAN FEES ARE CHARGED 1 2 3

  10. Creating More TRANSPARENCY For Borrowers.

  11. And turning an estimate in a… … a Contract.

  12. LENDERS MUST NOW GUARANTEE

  13. RATE AND LOAN TERMS FOR A CERTAIN AMOUNT OF TIME

  14. While the New GFE does have some… GOOD IDEAS: Discloses the rate lock period to a client. Discloses if a borrower has an escrow account. Discloses to the borrower if the rate can adjust.

  15. IT STILL FALLS SHORT IN CRUCIAL AREAS

  16. TOTAL HOUSING PAYMENT MISSING (PITI) is

  17. BORROWERS CASH-TO-CLOSE is NOT SHOWN

  18. CANNOT ISSUE A GFE WITHOUT HAVING A COMPLETE LOAN APPLICATION

  19. SO HOW DO WE OVERCOME THESE OBSTACLES

  20. By taking the time to… …effectively communicate with our clients and referral partners.

  21. PROCESS refined CREATING Systems 4 SUCCESS

  22. WORKING TOGETHER TO BREAK THROUGH BARRIERS AND CREATE WINNING STRATEGIES

  23. Contact me anytime for all your mortgage needs Matthew J Bowles, CMPS 731.668.8891

More Related