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Shopping for a Loan - Understanding the New Good Faith Estimate (GFE) Form

Due to RESPA Reform, as of January 1, 2010, lenders are required to use a new, uniform, Good Faith Estimate (GFE) form. This new form creates additional disclosure and transparency about the loan product being offered as well as the costs to the borrower. The Good Faith Estimate (GFE) form is 3 pages in length. All lenders will use the same form. This was not true prior to January 1, 2010.
Once a borrower has provided all the information necessary for a lender or broker to complete a Good Faith Estimate (GFE), the loan originator has 3 business days to deliver a Good Faith Estimate to the borrower. It can be delivered via email if the borrower consents.
Consumers will be able to use the new Good Faith Estimate (GFE) form to more easily compare loan proposals from various lenders.
The new Good Faith Estimate (GFE) form is now more binding on the lender. When I say "more binding," I mean that it IS binding with a few exceptions:
Some fees quoted are 100% binding on the lender if certain conditions are met. Some fees quoted are subject to "tolerance levels" (can change up to 10% if certain conditions are ... more

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