Mortgage Blog

The new GFE process is getting better

February 21st, 2010 12:30 AM by Eric Fang

The past week was very slow because of the new GFE. I had a few loans tied up by the new GFE requirement(actually the hud validations). You may not know how bad the current situation is.

1)For one purchase loan I just closed, the escrow officer said that she would not cut me the check because she "believed"(and her manager called me as well) that I did not diclose the GFE correctly and I did not "deserve" the check. And you know the answer, they did not understand the new GFE and HUD. And the lender told them so on the phone I was doing correctly.

2)For some other purchases, I had to teach the escrow officers how to complete the new GFE. They did not know how to complete it though they had the training as well. The good thing is that I had the cheat sheet for them to follow.

3)Still, though the purchase loans are on schedule for the closing, the schedules were pretty tight to follow all those validations. I am glad my clients are all patient and we still can make the schedules.

The process will be better after next week since I have the cheat sheet for all the lenders I am working with now.

By the way, my Feb Newsletter was just out. Click the link here.

Posted in:General
Posted by Eric Fang on February 21st, 2010 12:30 AM



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