Proposed Good Faith Estimate Is Missing AMC Fee Disclosure

The new Consumer Finance Protection Bureau (CFPB) is trying to simplify the Good Faith Estimate (GFE) from . This form will be given to mortgage loan applicants. A separate HUD-1 form will be used at closing.

This proposed GFE form does not break out the separate ‘appraiser’ and ‘appraisal management’ fees.

In the interest of full disclosure, the different fees should be disclosed to the borrower on this form at time of application.

Here is the link to view the two design's they are proposing:

 http://www.consumerfinance.gov/knowbeforeyouowe/

Please take a moment and send a comment to the CFPB and ask that the appraisal fee be noted separately from the appraisal management fee.

Send your comment to: http://www.consumerfinance.gov/contact-us/

 Thanks for your assistance with this action notice.

Source: ICAP