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Market News and Trends, The Business of Real Estate

More help from Washington … Is this really necessary?

Several weeks ago I read that the financial regulation bill passed last year (Dodd-Frank) requires, among other things, that the Good Faith Estimate and the Truth In Lending disclosure forms must be “unified.”  That really hasn’t had much visibility so far, but this article appears today:

Simpler mortgage form is early goal of new consumer finance agency

The article begins:  “The new federal Consumer Financial Protection Bureau will soon begin writing and testing a simplified mortgage-disclosure form aimed at making it easier for borrowers to compare deals from different lenders.”

As I recall, that was the stated purpose of the new GFE last year.  I don’t know anybody who thinks that form simplified anything or helped consumers understand their loans.  In fact, most or all lenders still use some version of the “old” GFE to help explain the “new” one.

And now they want to add Truth In Lending information, and make the whole thing shorter:

“[Elizabeth] Warren [appointed to create the consumer protection agency] has said she would like to see a standard document of one or two pages to replace about 80 percent of the much longer mortgage disclosures mandated by the Truth In Lending Act and the Real Estate Settlement Procedures Act.”

This should be fun.  Who knows?  Maybe this time they’ll get some advice from somebody who actually works in the industry.

About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.


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