Just wanted to take a moment to give thanks. We're still living, eh? Even if you aren't in the business, you're still living and that means everything. Breathe in and breathe out.
For those of us in the biz, get ready to rock and roll on RESPA. We're gearing up and working to get our arms around all the issues.
I'm glad to have taken a mental break from the RESPA discussion. I'm thankful HUD stayed the course. I absolutely believe the new GFE will be a good tool for shopping consumers, which was the original intent of the form in the first place.
HUD has successfully and ruthlessly [in a good way, though scary] cut out all the freaking BS. It's apples to apples, baby and that's the way to shop.
Yes, lenders will have to create an extra form or two and yes that means more paperwork. You'll need a separate CASH TO CLOSE summary. Hope you make it real easy for the consumer to find that figure and I do hope folks use similar language. Having a uniform GFE puts everyone on the same page but we'll still have to coach consumers about finding that "other" form and the magic "cash to close" figure.
So, I'll be back. We're putting the final touches on a new service tying into the new GFE. I want to get a techie vet on it before giving you the details, but I like to share ideas and the give and take and group problem solving is a good thing, eh?
Have a Happy Thanksgiving everyone. See you on the other side of the stuffing. ;)