With the Real Estate Settlement Procedures Act and Dodd-Frank, the mortgage industry should probably consider renaming the good faith estimate to something like a guaranteed fee certificate.
That might mean scores of data vendors offering to complete fee quotes for their area of expertise on the GFE would need to seriously evaluate their willingness to guarantee the data they deliver.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.