Liane Jamason's Blog: All Categories

I saw this article come out today from FloridaRealtors.org and the parts I have bolded below are what jumps out at me most.  I am sure some mortgage brokers won't be happy about this but this is a badly needed reform.  It calls for the "Good Faith Estimate" to truly disclose everything. 

For example, the yield-spread from lenders to mortgage brokers would be disclosed.  This is big.  Personally, I feel that before I was in real estate, I myself was "duped" into getting a loan for an interest rate that was much higher than what I probably could have received elsewhere.  But when a mortgage broker tells a client "You qualify for a 10% loan" - how are they to know any different else the yield-spread is disclosed? 

Previously there has been no disclosure and…