Florida Mortgage : Learning Center

Starting January 1st, 2010, Realtors, Title Companies and Mortgage Professionals are going to engage in entirely new procedures with their first time home buyer clients.  We are not only going to experience new mortgage Good Faith Estimate formats and final HUD-1 Settlement Statements; but the way we do business will shift entirely. The revised requirements, compliments of new RESPA rules for 2010, will change  the way FL Realtors, first time home buyers and their FL Mortgage Professionals function.  Our mortgage industry is about to change dramatically.  Are you ready for January 1st?

Here is a just one example of change to come.  We are all used to getting “pre-approved” for that new home and perhaps even receiving an upfront Good Faith Estimate all while searching for that new dream home.  Starting January 1st, Good Faith Estimates cannot be provided unless you have a complete mortgage application.  A complete application is not an application unless there is a property address recognized.  So much for pre-approvals while searching for that dream home.

We will start seeing more pre-qualifications and Good Faith Estimates that are for illustration purposes only.  Without a property address home buyers get practically nothing.  Realtors and home buyers are going to have to depend on experienced FL Mortgage Professionals with specific knowledge of current FHA, VA and conventional  mortgage programs. 

Change is good; and in just a few days the mortgage arena will change and how a first time buyer shops for their new home will never be the same.  Fun times – for Mortgage Professionals who always disclose everything upfront to their home buying clients.

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