One of the first things a consumer asks a lender when shopping for a mortgage is, "what is your rate?" one of the next things a borrower asks is, "what are your closing costs" and ultimately, "can you send me a good faith?"
The "good faith" is the Good Faith Estimate of Closing Costs, required to be issued to potential borrowers when a borrower completes a loan application with a lender. This application must contain the borrower's information, qualifying income and property information. Without the basic information about the potential mortgage a lender is not obligated to provide an official "good faith" estimate. What's an official good faith estimate compared to an unofficial one?
An official good faith estimate, one sent to the borrower once a mortgage application has been completed and received by a borrower, must follow certain guidelines. The lender must provide a list of potential closing costs and the list must be fairly close to the ones that show up at the final closing. How close?
When a lender discloses their own charges such as origination fees, underwriting or processing charges, the fees must match exactly the ones at the closing. If the lender fees are higher than originally disclosed, the lender must make up the difference.
There are also third party fees that the lender must disclose such as charges from an escrow officer, title insurance and attorney charges among a host of others. The lender should make an honest effort to estimate potential third party charges but is not responsible to make up any overcharge by any third party unless the lender referred the third party provider to the borrower.
For example, if a lender referred the borrower to ABC Title Insurance and the borrower selected that firm, the lender is responsible for all additional amounts above 10 percent of the original quote. If the borrower selected a title insurance company other than ABC and the title fees are greater than the original quote, the lender is not responsible for the difference.
Lender charges? A lender is 100 percent responsible for any differences. Third party charges? If the borrower uses a recommended third party, the lender pays all additional charges that are ฝากขายที่ดิน more than 10 percent of the original quote.
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