In the past, good faith estimates
had "no teeth," said Brian Sullivan, a spokesperson for the U.S.
"To ensure that HUD's new requirement will not create a consumer bias against brokers, the Department did rigorous consumer testing and found the new Good Faith Estimate
helped consumers to select the lowest cost loan nine-out-of-10 times, regardless of whether the loan was originated by a lender or a broker," HUD stated.
Also, if a charitable organization (except a governmental unit) receives a quid pro quo donation exceeding $75, the organization must provide a written statement informing the donor that the donation is deductible only to the extent it exceeds the value of goods or services provided by the organization and a good faith estimate
of their value.
The Company cautions that this guidance is our best, good faith estimate
based on current conditions and numerous assumptions about the industry, our access to financing, the competitive and regulatory landscape and our ability to successfully complete the acquisitions.
At the July 14 roundtable in Washington, D.C., participants were presented with draft versions of two new documents that would be used during the mortgage lending process: a revised Good Faith Estimate
and a new Mortgage Package Offer.
Thirty seconds after the interview, I had a complete Good Faith Estimate
e-mailed to me while I was still on the phone.
Therefore, the attorney must make a good faith estimate
of the amount of costs to be incurred and must hold that amount in the trust account.
A statement of values is a good faith estimate
of the value at risk at each location.
Grower's agreement to sell winery 50 tons of Cabernet in 1996 was based on grower's good faith estimate
of its future crop.
The two key RESPA cost disclosures are the good faith estimate
of settlement costs and the settlement statement.
A description and good faith estimate
of the value of any goods or services provided by the charitable organization in consideration for the cash or property contribution.