The SmartGFE Service provides real-time fees from local and national vendors in nine categories such as title insurance, settlement services, closing attorneys, home inspections, pest inspections and appraisers, as well as local taxes and recording fees calculated specifically for each transaction to help create Good Faith Estimates
that meet HUD's new mandated tolerance limits.
For more information about OneSourceQuote, or to learn more about closing cost estimations and the Good Faith Estimate
, please call one of Hartford National Title's closing experts at 877-848-5975, or visit http://www.
Loan originators will be required to provide borrowers their Good Faith Estimate
three days after the loan originator's receipt of all necessary information.
A good faith estimate
is provided at or soon after application, and a settlement statement containing the actual costs is provided at closing.
2) It must include: (a) the amount of cash contributed, (b) a description (but not the value) of any property contributed, (c) whether the qualified organization provided any goods or services as a result of your contribution, and (d) a description and good faith estimate
of the value of any goods or services described in (c).
goes into the concept of a Good Faith Estimate
form or in short, a GFE.
The goal of the reform is to have lenders provide consumers with a simple, clear and firm good faith estimate
to shop for a home loan and service providers before they become so invested in the process that they cannot back out; and to allow any entity to assemble and offer consumers "guaranteed mortgage packages," including appraisal services.
The acknowledgment must include the amount of cash and a description of any property contributed; whether any property, goods or services were provided by the donee organization in return for the contribution; and a description and good faith estimate
of the value of any goods or services provided or, if the goods and services consist solely of an intangible religious benefit, a statement to that effect.
ClosingCorp's SmartGFE Service empowers the wholesale and correspondent lending channels to remain viable by providing lenders immediate access to RESPA-compliant Good Faith Estimate
Often they go to close on a loan and find the closing fees are thousands of dollars higher than what was presented on the good faith estimate
Enhanced Upfront Disclosure and Good Faith Estimate
Ask your lender or mortgage broker and real estate agent to give you a Good Faith Estimate
of the loan-related fees before you head to the closing table.