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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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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Using the SmartGFE Service--the largest and most comprehensive source for real estate closing costs and associated data in the marketplace, according to ClosingCorp--mortgage originators create more accurate Good Faith Estimates (GFEs) quickly and efficiently.

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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.

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

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Those who focus strictly on commercial real estate investments find that there are fewer rules and regulations than in the residential market: Good Faith Estimates, Truth-in-Lending Disclosures, and other time-consuming paperwork required in the residential mortgage industry are not customary in commercial mortgage transactions.

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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

In its initial press release announcing the suspension, HUD reported that its Mortgagee Review Board found that in 21 cases ETM "failed to properly disclose all loan origination fees, as well as lender fees to mortgage brokers (commonly called 'yield-spread premiums') on borrowers' Good Faith Estimates.

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Beginning tomorrow, new federal rules will require mortgage lenders and brokers to issue standard three-page Good Faith Estimates that combine all fees they control into one number: an "origination charge.

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