GFE Job Aid_doc_ - CU Partners

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GFE Job Aid_doc_ - CU Partners Powered By Docstoc
					                                                                                                    GFE must be
                                                                                                    dated within 3
                                                                                                    business days of
                                                                                                    application date
                                                                                                    and/or valid COC.

                                                                                                    Lock Expiration
                                                                                                    Date or Date of
                                                                                                    GFE if loan is

                                                                                                   Minimum of 10
                                                                                                   Business days –
                                                                                                   Sundays, or Federal
                                                                                                   Holidays do not
                              04/02/2012                                                           count.

                                                                                                   Enter the rate lock
                                             03/16/2012                                            period 14, 21, 30,
                                                                                                   45, or 60. If the loan
 This field must be
                                                                                                   is floating enter N/A.
 N/A for locked loans
 and at least 3 day for
 floating loans.
                                                                                                   Enter loan amount,
                                                                                                   If FHA loan, include
                                                                                                   upfront MIP in loan

Check the box No or Yes
depending on the
situation. If Yes, the loan                                                                       The payment quoted
will include an impound                                                                           in this section is only
account, information                                                                              principal, interest and
regarding impounds in                                                                             mortgage insurance.
Box 9 on Page 2 must be

                                           The total charges shown in boxes A and B are detailed on page 2 of the
                                           GFE. This section gives the borrower the total amount of estimated
                                           settlement charges from both origination and other settlement charges
                                           and must match the Broker Fee sheet.
                                                                                                                                                                                            Block 1 – Origination Charge
                                                                                                                                                                                            represents all compensation
                                                                                                                                                                                            paid to the Broker and Lender,
                                                                                                                                                                                            as well as 3rd party contract
                                                                                                                                                                                            processing/underwriting fees.
                                                                                                                                                                                            Check your Comp Plan!

2nd Box – if there is a
credit for the interest rate,
check the box,

3 Box – if there is a

charge for the interest rate,
(discount points and loan
level price adjustments)
check the box
                                                                                                                                                                                            Cost to borrower for
Box 4 – in this box are fees                                                                                                                                                                origination charges.
such as title search,
examination and endorsements,
lender’s title insurance fee,
delivery fee, settlement or
escrow fee, sub escrow fee,                                                                                                                                                               This section lists each third party
notary fee. The fees are not                                                                                                                                                              settlement provider selected by
itemized individually .Any fee                                                                                                                                                            the originator other than title.
relating to the settlement,                                                                                                                                                               The description of the service,
escrow or title services except
for owners title insurance goes
                                                                                                                                                                                          not the provider name, and the
here. Include mobile notary.                                                                                                                                                              charge for each must be
                                                                                                                                                                                          included. Examples include:
                                                                                                                                                                                          credit report, appraisal, appraisal
                                                                                                                                                                                          review, flood certification,
Box 5 – In a purchase                                                                                                                                                                     property tax services, FHA
transaction the fee for owner’s                                                                                                                                                           upfront MIP and VA funding fee.
title insurance and any                                                                                                                                                                   .
endorsements, independent of                                                                                                                                             $0.00
who is paying for them, is
entered here. In a refinance,
enter N/A.                                                                                                                                                                                    Box 6 – Any required third
                                                                                                                                                                                              party services that the
                                                                                                                                                                                              borrower can shop for is
                                                                                                                                                                                              listed here. Describe the
                                                                                                                                                                                              service, (for example, pest
                                                                                                                                                                                              inspection & survey) and
                                                                                                                                                                                              list each estimated charge.
Box 7 – Enter any state and local                                                                                                                                                             .
recording fees for the loan and
title documents.                                                                                                                                                                             Box 8 – Transfer Taxes represents
                                                                                                                                                                                             the sum of all state and local
                                                                                                                                                                                             government fees that will be charged
                                                                                                                                                                                             the loan application. This fee must
Box 9 represents the estimate of                                                                                                                                                             be exact and there is zero tolerance
the deposit that will be required                                                                                                                                                            for charging more than is initially
for the borrowers’ initial impound                                                                                                                                                           quoted per RESPA. Communication
account at closing. The estimate                                                                                                                                                             with the settlement agent is
includes deposits for: Property                                                                                                                                                              important for accuracy.
taxes, Hazard insurance, Flood
insurance, mortgage insurance
and any other impounds.                                                                                                                                                                       Box 10- The estimate per diem
                                                                                                                                                                                              interest collected at closing is
                                                                                                                                                                                              shown in box 10

                                                                                                                                                                                             Box 11 List the type of Hazard
                                                                                                                                                                                             Insurance and the estimated amount,
                                                                                                                                                                                             carry the total to the right hand
                                                                                                                                                                                             column. Insurance includes Fire,
                                                                                                                                                                                             Hazard, Flood, Earthquake etc.

             In boxes 3 – 11, enter “$0.00” or “N/A” or leave blank if there are no charges for this section.
             For services disclosed in boxes 4, 5, and 6, if borrowers are permitted to shop for a third party settlement services they must be given a separate written list of settlement service providers at the time of the
              GFE. This list contains the names of provider the estimates were based on. This list is prepared on a separate piece of paper provided along with the GFE. The broker is responsible for preparation of this
              list and submission at the time of application.
             Please note: the total charges in blocks 3,4,5,6 and 7 can increase up to 10% if the service provider is identified by the loan originator. There is no tolerance limitation if the borrower selects their own service
              provider in blocks 4,5 and 6. Transfer Taxes, block 8, has zero tolerance, the fee cannot increase at settlement unless there is a valid Change of Circumstance impacting the Transfer Tax.

    The consumer can use the
    tradeoff table to compare
    loan offers from the same
    lender. This section must
    be completed if loan is
    originated in New

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