Good Faith Estimate

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Good Faith Estimate

In mortgages, a detailed list of all the all-in costs of a loan, which the prospective lender must provide to the prospective borrower within three days of applying for the mortgage. Commonly included in a good faith estimate are origination fees, government fees, the cost of the credit report, etc. Each fee is preceded by a number on the good faith estimate; the number comes from the HUD-1 Real Estate Settlement Statement, which assigns a number to each type of fee.

Good faith estimate.

A good faith estimate is a written summary provided by your mortgage lender. It shows the amount you can expect to pay at your real estate closing to cover all the fees and expenses that are part of arranging your mortgage loan.

It includes, among other things, the title search and title insurance, lawyers' fees, transfer taxes, and filing fees. The total amount of a good faith estimate is in addition to the down payment you will make.

Good Faith Estimate (GFE)

The form that lists the settlement charges the borrower must pay at closing,which the lender is obliged to provide the borrower within three business days of receiving the loan application.

See Settlement Costs and Mortgage Scams and Tricks/Strictly Lender Scams/Pad the GFE.

References in periodicals archive ?
A: Yes, if the lender permits a mortgage broker to issue the GFE and the "written list" of providers, the lender is subject to the tolerances for the services in which the borrower chooses to use the identified provider.
The new GFE and HUD-1 forms require data remapping to accommodate new fields, because some existing field numbers have changed.
If it is too complicated and not being used to help homeowners find the right mortgage for them, then the GFE is just a waste of three pieces of paper.
Docu Prep's new feature will allow users to easily disclose their fees and comply with GFE regulatory requirements while maintaining a parallel structure to their current LOS systems.
Caliber noted that its Originator Forms technology and other RESPA-related efforts have led to a dramatic increase in the GFE acceptance rate during beta-testing.
1, 2010, to implement new, standardized GFE and revised HUD-1 and nearly all revised definitions, much of the new RESPA rule--including the new definition of "required use" and the use of average charges--will go into affect on Jan.
AmVac and GFE Blut concluded an agreement according to which AmVac Research GmbH in Martinsried, Germany, will produce and deliver that viral material to GFE Blut.
0 requires almost no user interaction and instantaneously generates real-time, geo-coded rates for GFE blocks 3-8 from thousands of preferred providers throughout the United States.
GFE includes laptops; BlackBerrys or other smart phones; tablets; and a virtual desktop solution, such as "NMCI on a Stick.
THE APPRAISAL INSTITUTE PROVIDED TWO RECOMMENDATIONS May 27 for the Consumer Financial Protection Bureau's draft Good Faith Estimate, which had attempted to combine the current GFE with the Truth in Lending Act disclosure form.
The most recent version of the GFE, released at the beginning of last year, contains space for consumers to take one lender's estimates and get competing quotes from as many as three others.