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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

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.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Today these loans do not require the provision of a GFE or HUD-1 (although they do require Regulation Z disclosures).
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To view and comment on the two proposed GFE forms, visit www.consumerfinance.gov/knowbeforeyouowe.
Arkadi Kuhlmann, chief executive of ING Direct, called the GFE potentially "one of the most crucial documents a homebuyer [receives]," yet the survey indicates that currently it is not effective.
Before comparing the loans you've been offered, look at all the GFEs to be certain they are based on loans with the same or similar down payment amount, origination fee, points (if any) and term (the loan's time period in years).
Assessing the hazards requires the GFE to determine these properties of each hazard:
A critical element of the final rule is the revised Good Faith Estimate (GFE).
The final page of the GFE sets out those categories of charges that cannot change at time of closing from the GFE (zero tolerance), those that can change up to 10 percent (10 percent tolerance), and those for which there is no limit to change.
GFE founder, Greg Murphy, rang to point out the discrepancy.
The Government Furnished Equipment (GFE) Accountability Initiative is a 6-month proof of concept sponsored by the Assistant Secretary of the Army for Financial Management and Comptroller; the Assistant Secretary of the Army for Acquisition, Logistics, and Technology; and the Army G-4.
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