Question about the RESPA reform?
Article found here: http://www.loansafe.org/fha-commissioner-on-respa-reform-and-safe-mortgage-licensing-act-safe
I’m thinking of purchasing a home and I went to a mortgage company and one of the papers I’ve gotten it says GFE (Good Faith Estimate). I know that they overestimate all the prices and etc loan. But when reading the article i had a bit of a confusion where it read: “However, loan originators should ensure the following: (1) to eliminate consumer confusion, a worksheet should
not look like a GFE and should not lead the customer to believe that it is a GFE and (2) a loan originator should NEVER use a worksheet in lieu of a GFE.” What does that mean? AND “Specifically, the rule provides: “(1) A payment by an HWC for marketing services performed by real estate brokers or agents on behalf of the HWC that are directed to particular homebuyers or sellers is an illegal kickback for a referral under section 8; ”