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Many people are wondering how loan paperwork will change for San Jose Homebuyers starting in the beginning of the year. The GFE on all loans is being simplified for all borrowers starting January 1st, and I personally think it's a good thing. It will hold all mortgage brokers accountable to revealing their complete fees and requiring that number to not go up during the transaction. Where as before, the broker could charge an origination fee on the front end, and receive a rebate from the bank on the back end, now brokers must reveal their origination fee up front, and must relinquish their rebate as a credit to the borrower's closing costs. In addition, all rate quotes for committed borrowers must be valid for at least 10 days, allowing for borrowers to shop around for the best options. I feel that this is a badge of honor, that the broker must be honest in their disclosure.

Incredible drama unfolded right before our eyes on Monday between the fat cat bankers and the president of the united states. The CEO's of 12 banks met with President Obama to discuss their inaction despite the government and tax payers keeping them afloat. Well, I took notes as I watched the riveting post fight press conference between these heavyweights, and I can report to you that nothing happened. Wait, let me recheck my notes. Obama said try harder, banks said ok. That would be exactly right. Nothing happened. Ouch, that had to sting!

The National Association of Realtors has amended its trademark policy to formalize its practice of allowing members to use the "Realtor" logo on their gravestone. If you're going to put Realtor on your tombstone, "Don't forget your phone number." Rates continued to climb again this week, and this might be the last time you have an opportunity to get a 30 year fixed rate under 5% with 0 points.

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