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5 Cards in this Set
- Front
- Back
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Good Faith Estimate |
***Reader Friendly ***Will answer key questions in a clear manner ***Promote comparsion shopping between loan originators ***Provide a more accurate estimate of costs ***Improve disclosure of Yield Spread Premium |
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HUD-1 Settlement Statement |
***Reduced to 3 pages ***Instructional page to help borrowers better understand loan offer ***Allows consumer to directly compare GFE fees to those charged at closing ***Closing costs consolidated into major categories will prevent junk fees and will display total charges prominently |
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Good Faith Estimate--- |
Good Faith estimate or GFE means an estimate of Settlement charges a borrower is likely to incur, as a dollar amount, and related loan information, based upon common practice and experience in the locality of the mortgaged property.
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MTG Disclosure Improvement Act- MDIA |
***Initial GFE issued upon receipt of application ***The following is needed from the borrowers 1. Name 2. Social Security Number 3. Income 4.Property address 5. Estimated value 6. Loan amount
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MTG Disclosure Improvement Act - MDIA |
Application means the submission of a borrowers financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the borrowers name, the borrowers monthly income, the borrowers social security number to obtain a credit report, the property address, an Estimate of the value of the property , the mortgage loan amount sought, and any other information deemed necessary by the loan originator. An application may either be in writing or electronically submitted, including a written record of an oral application. |
