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The Problem with Good Faith Estimates
The document that savvy shoppers use to determine which loan originator they will work with is called a Good Faith Estimate. It is supposed to be just that an Estimate of the rate and closing costs associated with the loan provided in Good Faith by the Mortgage Professional. (You are not a savvy shopper if... »
Bribery to Work with the Builder’s Preferred Lender
When ever I’m working with a home buyer who may be considering new construction, I know I might lose them to the builder’s in house lender. Often times the builder will offer an enticing credit to the buyer’s closing costs only if they obtain their financing from the builder’s preferred lender. How can having a Loan... »
How Loan Officers Harvest Seller Paid Contributions: An escrow perspective for buyers and sellers.
Preface: Last week Rhonda Porter brought up the topic of “Are you leaving too much on the table.” The latter part of her post suggests that the Loan Officer harvested the amount of seller contributions that were left on the table. Within the commentary that followed, the question was... »
Second Opinions on Good Faith Estimates
A few weeks ago, one of the Realtors I work with, Suzy Seller, contacted me to see if I could help her client with an out-of-state mortgage. Ima Rusty (names are changed to protect the innocent), was moving to Arizona to retire and perhaps see the sun. Ima had gone to her “local bank... »
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Recent Comments
- My “Talking” Good Faith Estimate (17)
- Rhonda Porter: As you know, I like eyejot, too!
I’ll attach the... - Greg Perry: Thanks, Rhonda, As you know I’m an avid eyejot user. I...
- Rhonda Porter: As you know, I like eyejot, too!
- FHFA Gives the Green Light for 125% LTVs on HARP Refi’s (21)
- Rhonda Porter: I’d rather see rates reduced with a shorter term...
- Chris Opstedal: 125% ltv loans??? where have I heard those numbers...
- Michael Jackson is gone… (15)
- Chris Opstedal: It is amazing to me how much some people celebrate and...
- Loretta DeLoggio: Hi, y’all. I’m Ardell’s sister. I...
- Why Home Inspection Negotiations Fail (75)
- Jerry Gropp Architect: Fellow architect Fillmore as usual is entirely...
- fillmore: youre right about mls and agent tracking. i use my own crude...
