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The New Good Faith Estimate (GFE) Form, Page 2 Section A
Page 2 of the new Good Faith Estimate (GFE) will look significantly different from Good Faith Estimates of the past.
Section A has 2 parts.
Item 1 is the origination charge, or what the lender is charging you for the loan. This number includes ALL lender fees, combined into one figure. These fees include all the items one used to see listed on Good Fath Estimates as separate line items under such names as:
Application Fee Origination Fee Processing Fee Underwriting Fee Document Preparation Fee Administration Fee Wire Transfer Fee etc. It may also will include any Yield Spread Premium (YSP), or money that a broker may collect as profit on the back end of your loan transaction. (If there is a Yield Spread Premium and it is not disclosed in Item 1, it will be disclosed in Item 2.)
These will ALL now be shown as one single fee, "Our Origination Charge", or basically, all monies paid to the lender and/or broker in order to obtain the loan.
Item 2 discloses your credit or charge for the specific interest rate quoted. What this table shows is that you, as a borrower, may have had an option to select either ... more

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