The U.S. Department of Housing and Urban Development changes Good Faith Estimate and HUD-1 settlement statement rules to provide transparent details and an easer to under stand form. The changes are also meant to make it easier for the buyer to shop loans. The new Good Faith Estimate is now three pages where previously it was one page. The first page has the important dates and loan amount. The second page has sections for the breakdown of specific services. The third page defines the sections. The intent was good and once everyone gets used to these changes it will work well, it is just dealing with the learning curve. If there is any change to the Good Faith Estimate the lender must give the buyer 3 days to review the new figures. This time line must be completed before sale can be completed. Speak to your lender, real estate professional or check out the link below. And as always, if you don't have a realtor, any one of us at Keller Williams Top of the Rockies would be glad to help you out...we can be reached at www.YourSummitHomes.com.
http://coloradorealtors.com/car_news_viewarticle.asp?ArticleID=2490