Simple Mortgage Quotes vs. Accurate Mortgage Rates & Fees
New rules have been implemented to help protect consumers against bait and switch mortgage quotes, which makes it easier to compare, but also makes it difficult for lenders to provide basic mortgage rate quotes to some uncommitted shoppers.
To accommodate loan shoppers who do not provide complete information, some mortgage lenders are using worksheets or loan scenario forms that have no requirement for accuracy, instead of a good faith estimate with legally accurate mortgage rates and information.
HUD says that worksheets can be a useful tool, but if they threaten to water down consumer protections provided by good faith estimate reforms, updated guidelines may be issued.
In order to get a firm commitment on mortgage rates and closing costs, borrowers need to ask for a good faith estimate, which means providing the lender with all the necessary information.
Mortgage Quotes
To accommodate loan shoppers who do not provide complete information, some mortgage lenders are using worksheets or loan scenario forms that have no requirement for accuracy, instead of a good faith estimate with legally accurate mortgage rates and information.
HUD says that worksheets can be a useful tool, but if they threaten to water down consumer protections provided by good faith estimate reforms, updated guidelines may be issued.
In order to get a firm commitment on mortgage rates and closing costs, borrowers need to ask for a good faith estimate, which means providing the lender with all the necessary information.
Mortgage Quotes
posted by CRHOME.com at
6:38 AM
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