New Rules for Mortgage Brokers

Fed announce proposed rules for mortgage lenders and brokers, effective July 30, 2009.



Some key highlights to consider:

• Mortgage brokers/lenders to provide good faith estimate (GFE) within three days,
• Less junk fees and more transparency/explanation of charges,
• Slowing down the closing process to a seven-day period.

All these changes are being implemented to allow the consumer to "digest" the terms of their loans and what they are exactly agreeing to.