Not Just the New GFE ...

We're hearing from many loan originators that they do not love the new GFE form. We've seen blogs stating that the new form is deficient by not including some of the information that was included on the old form, such as estimated cash needed at closing or annual taxes and insurance amounts. We've also heard from many originators that they will give borrowers (either at pre-qual or at application) some sort of "cost worksheet" that shows a breakdown of costs.  In fact, many have said that this form, though renamed, will look very familiar - as it is for all intents and purposes to the old GFE form. I thought you might be interested in this article from the Washington Post discussing the intention of reform and how some originators are using these worksheets.