Mortgage Terms Now In Plain English? Funny.

Click on the title to link to this ridiculous article.
Oh my, where do we start? This could be one of the most uneducated articles we have read in some time. This is just the latest example of part of the problem..people like James R. Hagerty with the Wall Street Journal who write articles as if they actually know what they are talking about. I guess "investigative reporting" is a lost art form these days.

I have a question, has anything the government ever come up with "simplified" the issue? Please, I beg you, let me know if you can think of one. This is yet another example of people coming up with a "solution" who now absolutely nothing (and that is not overstated) about what they are trying to fix. The issue is not fees changing at closing. The issue is that our industry is full of idiots who have no ethics and, therefore, get away with it. How do they get away with it? Because nobody governs the established "laws". So what's the answer, according to the government, well let's create a "simplified" form that the lenders and brokers have to "commit" to. But let's not make them actually show how they get the numbers. Let's instead hide the details and only show the consumer the number the lender and brokers have to "commit" to. Make sense? Hardly.

This new GFE (Good Faith Estimate) is undoubtedly the dumbest, most confusing form we now have to deal with. It is so confusing that we are going to be using the old GFE to explain the new one. We continue to stand utterly amazed at how these dopes in Washington come up with this stuff without so much as consulting people who actually know what they are doing. Is it really that difficult? Instead they have come up with a form that goes from one to three pages, shows no detail, does not give the PITI (Principal, Interest, Taxes and Insurance) payment anywhere, encourages to shop instead of working with people you actually have been referred to and trust, and clarifies one thing...nothing.

So just know that we are here to help walk you through the, now, more confusing and less understandable mortgage process. And remember this, we are 100% referral because we treat people the way they should and want to be treated. If lenders and brokers did that then the need for stupid forms like this would not exist. Don't kid yourself into thinking this form "protects" you. Forms and rules will not protect you (trust us, we see it all the time from people who come to us from other places). All that will protect your interests is working with a company, like Premier Choice Mortgage, that will actually do what is in your best interest and not their own.