It's been a newsworthy year for the mortgage business. The tax credit is extended through at least the 1st quarter of 2010, and this has given many first time homebuyers the opportunity to own a home. One of the biggest changes from my side of the industry is the new Good Faith Estimate which will be required as of January 1, 2010. This refurbished disclosure will take "some getting used to" for lenders, Realtors, and buyers. The good news for the buyer is that once a Good Faith has been issued to a buyer for a specific transaction, the lender fees cannot change and many of the other fees (title, survey, recording fees, etc.) have only a 10% tolerance in regard to amount. A buyer will also have as a part of the Good Faith a way to compare one Good Faith with another from another lender.

For those buyers or refinance clients who are in a pre-approval process or just want an idea of what a loan may cost, I will be able to furnish them a Closing Cost Analysis form.

These are needed changes and with all change, there is the need to adjust. Hopefully, this is another step toward protection of buyers from predatory lending and those who would "bait and switch."