From The New York Times
Federal regulators have decided to revise a key disclosure form required by lenders – the good faith estimate of mortgage costs.
The change could help borrowers get a better handle on closing costs while simplifying mortgage shopping. The challenge that remains for borrowers is to protect themselves in the 14 months before the new documents come out.
HUD unveiled the new, simpler good faith estimate format in Nov 2008. HUD also established limits on certain loan charges: the processing fees collected by the loan officer from the lender, third-party fees for appraisers/services, and escrow charges for taxes and insurance.
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