'Beginning January 1, 2010 all lenders will be required to use the new standardized Good Faith Estimate. It is a completely new form and much different then GFEs used in the past.
This course will walk you through every element on the new form. You will learn how to calculate the form and how to explain it to your borrowers. Don''t be caught not understanding this new form and not completing it correctly.
This course is designed especially for Loan Officers and Production personnel.Covered Topics
- Definition of charges
- Explanation of the Good Faith Estimate
- Good Faith Estimate, the form
- Allowable tolerances for closing costs
- Six trigger points requiring re-disclosure
- Commonly asked questions