The Consumer Financial Protection Bureau has realized this too

Whether you have decided to purchase a new home, or refinance, the starting point of the mortgage process begins with the Good Faith Estimate, aka GFE. In 2010, the U.S. kicked the new year off with a major overhaul to the GFE in an attempt to make it more understandable to the consumer. Most of us have learned however, that the new format is even more confusing than the previous version, and more often than not, the consumers are left with very little understanding of what they have just read. The Consumer Financial Protection Bureau has realized this too, and as of May 2011, is in the process of formatting yet another new version of the GFE that should help clarify some of the confusion. You can view the two examples, and cast your opinion as to which version you, as a consumer, would prefer to see. If you have been waiting for a chance to make your opinion heard on this matter, now is your chance, so take advantage of it while you can! Regardless of what changes are made and when, the consumer still needs to understand what it is that they are reading. All the format changes in the world will not make any difference unless the consumer understands what "Box A" and "Box B" charges represent, and the differences between the two. So, let's start with Box A. Box A charges are the total lender charges for your loan. This includes Origination, Underwriting, Processing, and any other fees that the lender charges directly. This number cannot change after you have locked your loan, unless there is a "Change of Circumstance". A Change of Circumstance is defined by RESPA as: Changed circumstance is now defined in § 3500.2 as: (1) Acts of God, war, disaster, or other emergency; (2) Information particular to the borrower or transaction that was relied on in providing the GFE and that changes or is found to be inaccurate after the GFE has been provided, which information may include information about the credit quality of the borrower, the amount of the loan, the estimated value of the property, or any other information that was used in providing the GFE; (3) New information particular to the borrower or transaction that was not relied on in providing the GFE; or (4) Other circumstances that are particular to the borrower or transaction, including boundary disputes, the need for flood insurance, or environmental problems. In other words, if it is found during the process of your loan that your property is in a flood zone and you are required to carry flood insurance when flood insurance was not initially quoted, the figure in Box A can change to include the cost of flood insurance in your quote. Or, if your lender requires a review appraisal, Box A can be re-disclosed to include the cost of the review appraisal. Lenders CANNOT revise the Box A numbers without a Change of Circumstance. This is in place to prevent "Bait and Switch" tactics. When comparing GFE's provided by different lenders, Box A is the section that you should pay the most attention to. More : www.lender.66.com funds888.com Theviploanshop www.paydayzip.com 1303needcash.com Www.standpointfinancial.com NEWFASTLOAN My Money Source www.paydayloansandmore.com www.596needcash.com www achieve-loan www.paydayloansagain.com skylenders We promise loans brighton fnl loans CASHTODAYLOANS.NET www.ms-payday-loans.com FASTAPPROVALADVANCE www.mycashmutual.com www.MyMoneyNetwork.com Payday Loan Online www 999Payday com cash advance savings www.24HourGreen.com Need TRACECALLERS Same Day Loans No Credit Checks deposit888.com FAXLESSPAYDAYLOAN.INFO Cash Loan Payday Til ONEHOURWIRE Www.Tiptopcash.Com Www.paydayloan90.com PAYDAYLOANER.NET www.deposit1500.com Payday Loan Debt www actionpaydayloans com loans Cash 389needcash.com www fastmoney101.com www cash900.com achieve card cash advance www.112need cash now .com STORAGEPUNDITS Title Loans Online Mango123.com www nation-66.com star cash processing payday loan Check Advance Stamford Ct Paydaycash Com united network loans aca financial services ICANSUCCEED Cash129.com No Fax Payday Loan Caah Loans Super Sonic Payday Indiana Payday Loans Cash Loan Payday Payday Loans St.louis wwwup front cash .com Loans Without a Credit Check Leave a comment zipcodepaydayloans com www.PlainGreenLoans.com www.576needcash.com Www.national-paydayloan.com dallas check cashers Online payday loans checkmate payday loans 500.No Fax No Credit Check Fast Approval cosmetic loans Cash Express magnumcashadvance Minute Advance Loan Cash In A Day Car Finance Loan Uk firsrcashdirect.com priorityadvance.com Dollars deposited in one hour SuperCashPayday.com uscash911.com www.paydayloans555.com www.871needcash.com Instant Maryland Payday Loans Access Advance Confirmmycash 150needcash.com www.CashSent247.com funds 777 500 Cash Advance ace loans www.57needcash.com Www. Wire800 loan 33.com 700 Advance.com Pls loan store contact Pay Advances We Fix Loan www.loans33.com www juniper loans wwwpaid55.com www.paydaybux.com www.wipaydayloan.com SHESTOKAS