The existing TIL (Truth in Lending) and GFE (Good Faith Estimate) required by the government on residential mortgages are a disaster. The changes made over the past few years, have made two documents that should have helped disclose mortgage loan terms to a borrower, more confusing… not just to borrowers, but to escrows, and lenders. The Customer Financial Protection Bureau is attempting to redesign and combine the two disclosures into a more simple, actually useful, document. So far they are doing a pretty good job. Another smart move is they have actually been coming to the mortgage industry, and consumers, for their feedback.
Ron Henderson President/Broker of Multi Real Estate Services Los Angeles evaluates the implementation of new financial regulation on the mortgage industry and the economy. Includes interaction between Fed Chairman Bernanke and Jaime Dimon CEO
http://www.youtube.com/watch?v=3JexMRgaBCo Ron Henderson evaluates the present mortgage interest rate environment as of June 6, 2011
Ron Henderson President/Broker of Multi Real Estate Services, Inc evaluates the San Fernando Valley (Los Angeles) California real estate loan defaults, and foreclosures on June 2, 2011 Specialist in the Art of Real Estate