Effective January 1, 2010 we’ll be seeing new Good Faith Estimates (GFE) and new HUD-1 statements.  John Rapasky (Counsel Mortgage) and Allison Hudgins (Old Republic Title) ROCK!  They prepared an awesome class for agents at the PV office Tuesday.  It was packed with excellent information.  Not only did the class shed some light on the in’s and out’s of the new forms, it also covered what to expect as title companies and lenders get used to them.

Did you notice in the slideshow above that a property address is now required for a lender to issue a GFE?  That’s a big change.  Expect to see more “Loan Worksheets” for home shopping borrowers in 2010.

After the class John Rapasky posted an article on his blog about the new GFE. You want to bookmark his article so you can reference it the first time you’re presented with the new version.  As he says, “…a closer examination of this form is necessary to safeguard against misleading information.“  Also from his article are some of the new GFE omissions that loan-shopping borrowers may need to be aware of.

Thanks again John and Allison for the excellent info!