Q43 Which document replaces the Good Faith Estimate for refinance loans in October 2015? a. Note b. Loan Estimate c. HUD-1 d. Truth-in-Lending.
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Loan Estimate Replaces The good faith estimate effective October 3, 2015 by the Consumer Protection Financial Bureau, CFPB. The Loan Estimate is a simplified form of the Good Faith Estimate. The LE was implemented and launched to make it easier to read and understand by the public consumer
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New disclosures streamline the process.. The Loan Estimate. The loan estimate combines and replaces the Good Faith Estimate and the initial Truth-in-Lending (TIL) statement. The form highlights the most important elements of the transaction and allows for easy comparisons among competing lenders.
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.
The new Loan Estimate form and Closing Disclosure will replace the existing good faith estimate and HUD-1 closing statement starting August 1st 2015. I think it looks like a real positive change and I like what they did. Here is what the Consumer Finance Protection Bureau has to say about the new forms. "Mortgages are complex transactions.
The Loan Estimate, which replaces the 2010 Good Faith Estimate and the RegZ/ Truth in Lending; and the Closing Disclosure, which replaces.
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Cronkright said the changes involve a new form called the Loan Estimate that replaces the Good Faith Estimate and early Truth In Lending disclosure. The Loan Estimate is designed to provide.
For closedend credit transactions secured by real property (other than reverse mortgages), the lender is required to provide the borrower with goodfaith estimates of credit costs and transaction terms on a new form called the Loan Estimate. The Loan Estimate replaces the Good Faith Estimate (GFE) designed by HUD under RESPA and the "early.
Under the new system, Loan Estimates replace the TIL and the GFE. The Loan Estimate combines the loan terms break-down of the TIL with the closing costs break-down of the GFE. The Loan Estimate is three pages, two pages shorter than the old TIL+GFE combo. The Loan Estimate is divided into different sections that offer clear explanations of the.