The Consumer Financial protection bureau (cfpb) has released new guidance and resources to help lenders properly disclose construction loans under the new mortgage lending rules enacted in October.. The new rules replaced the Good Faith Estimate, the Truth in Lending and HUD-1 Settlement Statements with CFPB’s new integrated disclosure forms, the "Loan Estimate" and the "Closing.
An approximation of the final figure can be found on the Good Faith Estimate, or GFE, a three-page government-mandated form mortgage brokers and lenders are required to give prospective borrowers.
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The Good Faith Estimate, which is now the Loan Estimate, helps borrowers avoid overpaying for a loan and sets forth the interest rate. For home buyers, lower closing costs could mean affording a larger home within their current budget, lowering their overall mortgage payments, or simply being able to bring less money to the closing table. Note: in some instances, sellers might agree to pay all or some of the buyer’s closing costs.
The new section required MEPs to “include a list of participating employers and a good faith estimate of the percentage of total. The DOL says it continues to believe that the reporting.
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Disclosure requirements | RESPA News – A Good Faith Estimate (GFE) of settlement costs, which lists the charges the buyer is likely to pay at settlement. This is only an estimate and the actual charges may differ. If a lender requires the borrower to use of a particular settlement provider, then the lender must disclose this requirement on the GFE.
Understanding the mechanics and intent of the Good Faith Estimate and how the loan estimate used today is very similar to the GFE and has replaced it.
New rules issued under RESPA require lenders to issue this good faith estimate within three days of receiving a loan application. Note that this requirement is met if the lender puts the GFE in the mail within three days; the borrower may receive it later than that.
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While these laws are designed to provide employees with a "good faith" estimate of their upcoming schedule. Rather than begrudging the new requirements, employers that embrace predictive scheduling.