Good Faith Estimate (GFE)
If you Apply for a Reverse Mortgage, we will provide you a Good Faith Estimate (GFE) per the Law that lists the basic information about the terms of the Loan Offer. The Good Faith Estimate helps you to compare offers, understand the real cost of the loan and enables you to make an informed decision about choosing a loan. For Loans other than a Reverse Mortgage, the Good Faith Estimate was replaced by a Loan Estimate (LE) effective October 3rd, 2015.
We will provide you a Good Faith Estimate (GFE) within three business days of receiving your application or related required documents. We will charge you only for a credit report fee before receiving a Good Faith Estimate (GFE). After receiving the Good Faith Estimate (GFE), if you decide to proceed with the loan, any other applicable loan processing fees will be charged.
Click to View a Sample Good Faith Estimate (GFE)
Related Topics: What Counts as Business Day Uniform Residential Loan Application What is a Credit Check What is a Credit Score What is Negative Amortization What are the Duties a loan processor may/may not perform? Reverse Mortgages The Loan Estimate (LE) The Closing Disclsoure (CD) Truth in Lending Disclosure (TIL) The Closing Disclsoure (CD) Grants & Assistance Programs
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