GFE must be
dated within 3
business days of
and/or valid COC.
Date or Date of
GFE if loan is
Minimum of 10
Business days –
Sundays, or Federal
Holidays do not
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
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
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