When you apply for a mortgage loan, wheels begin to turn. The lender accepts your application, reviews it for accuracy and omissions, and forwards to you a not-so-subtle collection of paperwork for you to review. You'll receive and sign such disclosures as a Right to Receive Your Appraisal and the Federal Truth in Lending document among a host of others. One of these documents it the all-important Good Faith Estimate.
A lender is required to provide the Good Faith Estimate alerting the applicant of the potential closing costs associated with obtaining a mortgage loan. There are a variety of fees involved, fees from the lender directly and fees from third parties. Regardless if the lender charges the fee or not, it's the lenders' responsibility to provide the closing cost estimate in the form of the Good Faith.
However, the lender is not required to provide this official document until there is a formal application. A formal application is one that has not just the borrower's name and social security number but must also contain income information of the applicant, a property address and approximate value and the requested loan amount. If a lender receives an application that does not contain one of these pieces of information the lender is not required to issue a formal Good Faith Estimate.
When a Good Faith is issued the quoted fees must fall within certain tolerance levels. For example, if a lender charges a $500 processing fee and the fee ends up being $600 at the closing table, the borrower is not responsible for the additional $100; the lender is. Other non-lender fees can fall under certain tolerance zones as well.
Yet if any of the primary elements of the application, name, social security number, property address, income, value and loan amount change, the lender is off the hook and can re-issue a new Good Faith based upon the new data. If the lender makes a mistake on the initial lender fee estimate the lender has to make up the difference. But if the loan application materially changes, the lender gets ฝากขายคอนโด a second chance.
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