borrower

January 1, 2010 HUD-1 and GFE Changes

Effective January 1, 2010 a new Good Faith Estimate (GFE) and HUD-1 (closing statement) are required.  These updated forms are designed to better inform borrowers and to restrict fee increases that borrowers have experienced in the past.  It should help to eliminate surprises at the closing table in relation to fees the borrower pays or [...]

borrower

Loans and Appraisal Rules

NAR has recently worked to help clarify the Home Valuation Code of Conduct (HVCC) that was implemented 5/1/09. This includes the requirement that the lender provide a copy of the appraisal to the borrower 3 days prior to closing on conventional loans (Non government, i.e. FHA, VA, etc.) …