Replies to This Discussion

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on September 16, 2013 at 8:20am

If the buyer is pre-approved the lender is required to issue a GFE within 3 business days.

Per the CFPB web site:

Mortgages

What happens after I apply for a loan?

updated July 31, 2013

Unless the lender denies your application, you should look for these four important documents either at or shortly after application: Good Faith Estimate (GFE) disclosure. Generally, the lender is required to send to you the GFE within three business days ...

Permalink Reply by Kevin - Greenville, SC on September 16, 2013 at 8:44am

Yep.

Permalink Reply by Fred Bauscus on September 16, 2013 at 1:23pm

I just encountered this on a Fannie Mae loan & was told that the request was made because of seller concessions.  Last week I received the same request on another Fannie Mae file for the same reason.  I suspect that this trend will continue.

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on September 16, 2013 at 2:50pm

Fred, I wonder why. Is the GFE going to tell any information about the seller concessions?

Permalink Reply by Mary Wilcox on September 17, 2013 at 3:51am

Since the they changed the lending rule a couple years ago, most lenders have created a "worksheet" they provide vs the actual GFE.

 

But, I'm pretty SURE the Lender is required by the new rules to provide the GFE within 3 days of accepted offer.  Visiting Lenders at our meetings have stated that several times.

Permalink Reply by Michael Hayley on September 17, 2013 at 4:37am

Ive been asked for GFE's a few times lately also. I've used the worksheet with success. 

Permalink Reply by Tom Tock on September 27, 2013 at 8:19am

What worksheet are you referring to?

Permalink Reply by Michael Hayley on September 27, 2013 at 8:21am

I was referring to Mary's comment above:

Since the they changed the lending rule a couple years ago, most lenders have created a "worksheet" they provide vs the actual GFE.