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Video instructions and help with filling out and completing HUD-GFE
The good faith estimate form the GFP gives the borrower an estimate of the settlement charges long terms and he or she is improved along the process allows and encourages the borrower to shop for the best loan loan originators will be required to provide borrowers their good faith estimate three days after the receipt of the borrower's information the originator cannot require verification of GFE information such as tax returns until after the applicant makes the decision to proceed the GFE will consolidate the closing costs in two major categories displaying the total estimated charges so the consumer can easily compare the loan offer the first page of the GFE form provides information pertaining to important dates such as the availability of a quoted interest rate and the lock period a summary of the loan including answers to key questions and basic information that many times is not realized by the borrowers until signing if they take the time to read the fine print such as well what's the term of the loan is the interest rate things or can it change is there a prepayment penalty is there a balloon payment what are the total closing costs and what is that monthly payment I'm going to be paying page 2 of the GFE is the real heart of estimate providing written clear estimates of the basic settlement charges including the fees payable to the lender and the broker points lender required services such as appraisal tax service flood certification mortgage insurance all title and escrow services the owner's title insurance policy recording charges conveyance tax if applicable the lenders impound account loan daily interest charges and any lender required insurance all these fees are set forth as a total of the estimated settlement charges the top of page 3 describes the charges that can change and those which cannot this is referred to as the increased tolerance the fees that cannot increase include origination charges those fees payable to the lender and broker the charge or credit for points and conveyance tax the fees that can increase up to ten percent collectively not per item include any required services the lender selects title and escrow fees the owners title insurance policy any required services the borrower can shop for if the borrower chooses the service provider on the lenders list and recording fees now the fees that can change without regulation include any required services that the borrower can shop for but the borrower chooses not to use the ones on the lenders list the lenders impound account the daily interest rate and any homeowners insurance required by the lender in the middle of page three is a trade off table that allows the Bauer to review the lenders various loan options the table provides information about lower settlement charges with a higher interest rate and lower interest rates with a higher settlement charges and finally at the bottom of the page is a shopping cart to