New GFE on the horizon

The newly formed Consumer Financial Protection Bureau, formed out of the regulatory response to the subprime mortgage era, has proposed two revised formats for the “Good Faith Estimate”.  You can view both formats and even vote on which one you like better at THIS LINK.  I have to say that these versions have significant advantages over the present 3-page version which fails to disclose to a loan applicant their estimated cash due at closing.  It looks like the newer version still does not have an applicant signature line which means we’ll have to create a second disclosure for the applicant to acknowledge that we provided a GFE as a part of the disclosure process.

If you want to download the two formats you can do so by clicking HERE and HERE.  I’m not yet sure about the implementation of the new GFE but I will report back when I learn.