Problems With New Good Faith Estimate Forms
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THE revamped Good Faith Estimate form, which arrived just over a year ago, has helped give home buyers and homeowners looking to refinance their mortgages a better understanding of their borrowing costs. But industry experts say the three-page, line-by-line disclosure — which lenders must provide within three days of receiving a loan application — still falls short of telling borrowers exactly what they will be paying. Some in the mortgage industry complain that it can even distort or obscure the true cost.