Growin' Up Gregory

If you've purchased, refinanced, or built a home in the past three years, odds are that you signed a slew of paperwork during your mortgage process. Hopefully, you had a lender who explained all of the details and answered any questions you had in order to make sure that you fully understood your mortgage terms and options. I can't count the number of people who have commented, "This is a lot more paperwork than the last time we did this." In late 2015, the Consumer Financial Protection Bureau (CFPB) introduced two new forms, the Loan Estimate (LE) and Closing Disclosure (CD), which went into effect at that time.  Like most new rules, regulations, and forms, there were some things they got right, some things they got wrong, and some things that have room for improvement. From both a borrower and lender's perspective, here is some background info as well as my thoughts on the current status and changes that should be considered. Purpose An explanation of ...

How would you feel if we were going to race in 100 yard dash (the length of a football field) and I told that I was going to get to start at the 21 yard line while you had to start at the goal line? Or what if I we were going to do 100 pushups?  Except for yep, you guessed it...I'll be starting on 21  while you start at 0. Or what if I our boss offered to pay both of us $100 for doing the exact same job.  But then he took $21 from you for taxes while I kept my entire $100. Would that seem fair?  Who do you think would win the race or pushup contest?  Who would have more money even though we both did the same job?   It seems odd to me that in this world of 'equality for all' that businesses offering services in the same field would be treated unfairly.  Now I understand competitive advantage, market share, niche business and all of that.  But for Congress to outright give one type of business which competes directly against others ...