Happy New Year! Tomorrow the changes start.

Well 2009 has been an interesting year. I am always optimistic that rates will remain low, and lending rules will ease up a little from the knee jerk reaction of 2 years ago. It hasn't happened yet but I will continue to hope.

As of tomorrow the new Good Faith Estimate (GFE) will be mandatory. This was created to simplify the lending process and give consumers a way to shop for a mortgage. The old GFE was one page and the new one is 3 pages. To add to the confusion the new 3 page GFE doesn't even have the monthly payment on it. This is going to be a time of trial and error working out the kinks in the new forms.

All of this new paperwork is to prevent buyers from being tricked into a bad mortgage loan. Well the best way to make sure that doesn't happen is to use a lender who is knowledgeable, honest and local. I look forward to a great 2010 helping you and your clients. Thank you for a great 2009.