Friday, January 22, 2010
2010 will continue adding changes to the lending environment. There are new RESPA guidelines that need to be followed, specifically the 2010 Good Faith Estimate. Even though the government had the best intentions, I don't know if they consulted anyone who actually conducts business in the mortgage field. The new Good Faith puts restrictions on the buyer that I don't believe were the intentions of the government. It also gives the buyer a lot less information than they should have. It has some promise, but there are changes to be made. And the one thing I am sure about in our industry is that we can handle change.