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The Loan Estimate replaces the Good Faith Estimate, or GFE, that was used prior to 2015. Lenders are required to issue Loan Estimates within three days of receiving a complete loan application, per the TILA-RESPA Integrated Disclosure Rule (TRID).
Here’s a loan estimate example broken down by page and section. You can view a similar, interactive visual on the Consumer Finance Protection Bureau’s website . Loan estimate example: Page 1
For closed-end reverse mortgages, a lender or broker is required to provide the consumer with the standard Good Faith Estimate (GFE) form. A Good Faith Estimate of settlement costs is a three-page document that shows estimates for the costs that the borrower will likely incur at settlement and related loan information.
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A new survey reveals that more than half of homebuyers today don't know what the Good Faith Estimate is actually good for - namely, to shop around for the cheapest mortgage loans on the market.
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