Portfolio Services, we pride ourselves on exceptional accuracy between
our Good Faith Estimates and our closing statements. As mortgage
professionals, it is our job to know what a mortgage will cost.
What many people
do not know is that there is no law that says a Good Faith Estimate
must be accurate. The law says that if there is a substantial change to
it, a new one needs to be re-disclosed at least three days prior to
closing. Knowing this, many mortgage people will intentionally “low
ball” a Good Faith Estimate to later surprise a client with the real
figures right before closing, if at all.
At MPS, we let
you know precisely what the mortgage will cost you at closing and over
the long term. We realize that we may lose some clients with this
approach as they choose to go with dishonest brokers offering “cheaper”
mortgages, but we would rather be honest and do a few less mortgages
than mislead our clients.