I am still a little confused with it and I am in the mortgage industry. The purpose of the new 3 page good faith estimate that goes into effect on January 1st, 2010 is to improve transparency. I am not sure if it does that. I feel it is going to cause many to overestimate fees as opposed to many currently underestimating. You would think this is somewhat a good thing but if the real purpose is to help the borrower shop for a loan and the fees aren’t right, whether up or down, it does no good.
As a consumer I would go with the mortgage professional who explains everything to you. Obviously you want to make sure you get a competitive rate but in the end you get what you pay for.
I was at a training yesterday sponsored by the FAMB, Florida Association of Mortgage Brokers, from 1 pm to 4 pm designed to teach us how to fill it out. After 3 hours I still am not an expert because we ran out of time. I did some more training on it last night through www.loantoolbox.com and am now getting a better understanding of how to fill it out, pretty scary right?
“This is a mess,” said Bill Dallas, chief executive officer of Skyline Financial Corp. in Calabasas, California.
Located in South Florida, Justin Miller has established himself as a leader in the mortgage community for his expert advice and understanding of the current real estate climate. 
