A good faith estimate (gfe) is a standard template used by lenders to give you the rundown on your loan terms: interest rate, origination fees, monthly payments and more. However, you should know that as of October 2015, the good faith estimate document was replaced by a document called the Loan Estimate for most types of loans.
good faith deposit. 1. A sum of money required of an investor who is placing an order when that investor is not known to the brokerage firm. A good faith deposit ensures that the customer will follow through with proper payment for a buy order or with delivery of securities for a sell order.
See a sample Loan Estimate form with interactive tips and definitions. Note: You won’t receive a Loan Estimate if you’re applying for a reverse mortgage. For those loans, you will receive two forms – a Good Faith Estimate (GFE) and an initial Truth-in-Lending disclosure – instead of a Loan Estimate.
· A good faith estimate is a standard form which is intended to be used to compare different offers (or quotes) from different lenders or brokers. The good faith estimate is only an estimate.
As for other requirements, such as the “good-faith estimate” and “premium pay” for schedule changes, “the management staff of our Seattle location is trained on what the ordinance requires and has.
A Good Faith Estimate , also called a GFE, is a form that a lender must give you when you apply for a reverse mortgage. The GFE lists basic information about the terms of the mortgage loan offer. The GFE includes the estimated costs for the mortgage loan. The lender must provide you with a GFE within three business days.
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Good Faith Law and legal definition good faith in legal terminology refers to the use of honesty and best efforts in dealings with others. For example, an insurance policy is considered a contract between you (the Insured) and your insurance carrier (the Insurer).
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There are laws and regulations that require lenders to disclose certain information about closing costs, including a "good faith estimate" of the total costs. Learn more about this and similar topics at FindLaw’s section on Buying a Home.