good-faith estimate

good-faith estimate

An initial estimate of expected closing costs, net proceeds to seller, gross cash required of buyer, or loan expenses. By virtue of various state and federal laws, a seller's real estate agent may be required to provide a good-faith estimate of net seller proceeds to accompany every offer; the closing company may be required to provide a good-faith estimate of closing expenses to the buyer, and a lender may be required to provide a good-faith estimate of loan costs to a borrower.

References in periodicals archive ?
The last element of the association's initiative is to seek a commitment by Oregon's hospitals to help residents who are paying for their own care (or for out-of-network services not covered by their health plan) get a good-faith estimate for the cost of a scheduled procedure upon request.
170(f)(8) provides that, to be deductible, a money contribution of $250 or more must be substantiated by a contemporaneous written acknowledgment by the donee organization that indicates the amount and whether the organization provided any goods or services in consideration for the contribution and, if so, a good-faith estimate of their value.
You are hereby ordered to provide [the Chronicle] with a revised written, good-faith estimate which reflects the actual costs of providing the names of the students whose parents have consented to release of directory information," Supervisor of Public Records Alan Cote wrote in a February 12 letter.
The new ABN requires that beneficiaries be given, among other information, a good-faith estimate of the cost they are likely to incur if Medicare denies payment.
Key issues examined included possible changes to HUD's Good-Faith Estimate (GFE) and the mortgage packaging concept to make them more consumer- and industry-friendly; how loan originator compensation should be disclosed on the GFE; whether there should be "cure" opportunities for RESPA violations or errors, as well as the introduction of a Settlement Services Package (SSP) which would allow for the bundling of settlement services separate from the mortgage package.
Get a good-faith estimate, which will specify the interest rate and other closing costs.
The acknowledgment must also include the amount of the cash contribution or a description of noncash property contributed and the extent to which any goods or services were provided in return by the donee organization or charity, as well as a description and good-faith estimate of the value of the goods or services provided.
The company's forward-looking statements are based on trends that it anticipates in its industry and its good-faith estimate of the effect on these trends of such factors as industry capacity, product demand and product pricing.
The latest effort, outlined March 14 by officials at the Department of Housing and Urban Development, would transform the good-faith estimate into a comparison-shopping tool, force lenders to guarantee that their estimates are on the money, and walk borrowers step-by-step through closing procedures with a new consumer-friendly "script" for settlement and escrow agents nationwide.
Improving the good-faith estimate document everyone gets when applying for a home loan.
LaFalce offered recommendations to strengthen enforcement of disclosures, including adding explicit language to state that violations of the good-faith estimate (GFE) tolerance requirements would constitute an unfair and deceptive practice, and addressing in more detail how violations of the packaging guarantees would be enforced.
Provide the donor with a good-faith estimate of the value of goods or services furnished to the donor by the organization.