OCWEN is asking me to submit a GFE for the buyer when we are just beginning the short sale process of submitting an offer. The lender is not willing to do one because it is too early in the process....
Has anyone had this issue? What did you do?
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If the buyer is pre-approved the lender is required to issue a GFE within 3 business days.
Per the CFPB web site:
Mortgages
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 ...
Yep.
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.
Fred, I wonder why. Is the GFE going to tell any information about the seller concessions?
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.
Ive been asked for GFE's a few times lately also. I've used the worksheet with success.
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.
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