The Consumer Finance Protection Bureau (CFPB) has finally announced the date of when the much awaited New Good Faith Estimate (GFE) will go into effect. After designing and redesigning as well as testing the new GFE for over two years the CFPB has finally determined the new GFE will go into effect on August 15, 2015.
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An approximation of the final figure can be found on the Good Faith Estimate, or GFE, a three-page government-mandated form mortgage brokers and lenders are required to give prospective borrowers within three days of a loan application. In October 2015, a new document called the Loan Estimate replaced the GFE and TILA statement.
The days of the 2-page HUD-1 settlement statement and attached, lender-based Good Faith Estimate (GFE) form are about to become a thing of the past. As of August 1, 2015, these two forms will be replaced by the newly designed closing disclosure and loan estimate forms. The Consumer Financial Protection Bureau (CFPB), which took over.
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4. After the GFE expiration date, certain situations may require a new Good Faith Estimate be provided. Which option is a good example of a ”changed circumstance” that allows a lender to issue a revised GFE? A. The estimated value of the property obtained at application did not match court records
The Good Faith Estimate, which is now the Loan Estimate, helps borrowers avoid overpaying for a loan and sets forth the interest rate. For home buyers , lower closing costs could mean affording a larger home within their current budget, lowering their overall mortgage payments , or simply being able to bring less money to the closing table.
Two new mortgage documents are coming on August 1, 2015. The Loan Estimate form and the Closing Disclosure forms are designed to give consumers a clearer picture of their borrowing costs. Mortgage shoppers should see the full cost of a loan at the time they apply, and have a more detailed breakdown a few days before closing.
A good faith estimate, referred to as a GFE, was a standard form that (prior to 2015) had to be provided by a mortgage lender or broker in the United States to a consumer, as required by the Real Estate Settlement Procedures Act .