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.

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References in periodicals archive ?

The three-page proposed loan estimate is a reduction in pages from the existing five-page truth in lending and good faith Estimates. Although the CFPB spent considerable effort redefining the components of APR, that bit of information isn't listed until the third and final page of the proposed disclosure.

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Bankrate.com surveyed up to 10 lenders in each state in June 2011 and obtained online good faith estimates for a $200,000 mortgage to buy a single-family home with a 20 percent down payment and good credit.

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In the past, good faith estimates had "no teeth," said Brian Sullivan, a spokesperson for the U.S.

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1, 2010, all lenders will be required to use the same form to give consumers good faith estimates of settlement costs and explanations of critical loan terms.

Money matters

It also covers evaluating and comparing good faith estimates from different lenders, making offers, and negotiating the best deals.

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When working on a water damage claim either with or without any environmental impairment, an adjuster often considers reports from inspection companies as well as good faith estimates from restoration contractors.

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RESPA also is the regulation that requires Good Faith Estimates (GFEs) and HUD-1 Settlement Statements be provided, so if you're giving a GFE and HUD-1 to the borrower, you can assume the loan is covered.

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The bill would amend both the Truth in Lending Act and the Real Estate Settlement Procedures Act (RESPA) to require good faith estimates of costs in refinancings of home loans within three days after an application has been made.

Statement by Lawrence B. Lindsey, member, Board of Governors of the Federal Reserve System, before the Subcommittee on Consumer Affairs and Coinage of the Committee on Banking, Finance and Urban Affairs of the U.S. House of Representatives, May 27, 1992