New Rules for good faith estimates – Effective January 2010. Before we go any further, a definition is in order: Good Faith Estimate (GFE) – An estimate, provided by a mortgage lender, detailing the full costs of a loan. Among other things, it must include the interest rate and all other costs and fees associated with the loan (i.e., closing costs).
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The Good Faith Estimate includes a section with key dates, which explains the duration for which the GFE is valid. This section is provided to protect mortgage lenders from "out-dated" GFEs.
A GFE, also referred to as a good faith estimate, is a document that includes the breakdown of approximate payments due upon the closing of a mortgage loan. A GFE helps borrowers shop and compare costs of loans with lenders. You are not obligated to accept the loan just because you received a GFE.
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CFPB Consumer Laws and Regulations RESPA CFPB April 2015 RESPA 5 Partial Exemptions for Certain Mortgage Loans – 12 CFR 1024.5(d) Most closed-end mortgage loans are exempt from the requirement to provide the Good Faith Estimate, HUD-1 settlement statement, and application servicing disclosure requirements of 12
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The Good Faith Estimate, which is now the Loan Estimate, helps borrowers avoid overpaying for a loan and sets forth the interest rate. For home buyers, lower closing costs could mean affording a larger home within their current budget, lowering their overall mortgage payments, or simply being able to bring less money to the closing table.
New rules can even result in refunds to borrowers if the lender’s good faith estimate is too far below the actual closing costs. The law that gives rise to the rules. A Good Faith Estimate provides the borrower with the information needed to shop for a loan effectively. A Good Faith Estimate sets out all the costs associated.
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