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This document provides information on the Good Faith Estimate (GFE) and the new HUD-1 Settlement Statement process including loan terms, estimated settlement charges, and compliance with RESPA requirements.
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How to fill out good faith estimate and
How to fill out Good Faith Estimate and HUD-1 Settlement Statement
01
Obtain the Good Faith Estimate (GFE) form from your lender.
02
Fill in your personal information including name, address, and loan amount.
03
Enter the loan terms, including interest rate, loan type, and any adjustable rates.
04
List all estimated closing costs, including origination fees, title insurance, and any other applicable fees.
05
Review the section on prepayment penalties and late fees, if applicable.
06
Double-check all information is accurate and complete before submitting to your lender.
07
For the HUD-1 Settlement Statement, ensure you have the final GFE to reference costs and details.
08
Fill out the HUD-1 form with all costs and transactions including the borrower's and seller's information.
09
Include detailed itemizations of all closing costs in the appropriate sections.
10
Verify all calculations for accuracy and completeness.
11
Have both parties review and sign the HUD-1 statement at closing.
Who needs Good Faith Estimate and HUD-1 Settlement Statement?
01
Homebuyers and sellers involved in a real estate transaction.
02
Borrowers applying for a mortgage loan.
03
Lenders who are providing the loan.
04
Real estate agents and closing agents who facilitate the transaction.
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What is Good Faith Estimate and HUD-1 Settlement Statement?
The Good Faith Estimate (GFE) is a document that provides an estimate of the fees and costs associated with a mortgage loan. The HUD-1 Settlement Statement is a detailed list of all the costs and fees involved in the closing of a real estate transaction.
Who is required to file Good Faith Estimate and HUD-1 Settlement Statement?
Lenders and settlement agents involved in mortgage transactions are required to provide a Good Faith Estimate and file a HUD-1 Settlement Statement to borrowers.
How to fill out Good Faith Estimate and HUD-1 Settlement Statement?
To fill out a Good Faith Estimate, lenders must disclose loan terms, estimated closing costs, and other required fees. For the HUD-1 Settlement Statement, all actual costs, credits, and debits of the buyer and seller must be itemized, based on the final loan amount and closing transaction.
What is the purpose of Good Faith Estimate and HUD-1 Settlement Statement?
The purpose of both documents is to provide transparency in real estate transactions, allowing borrowers to understand the costs associated with their mortgage and guaranteeing they are aware of their financial obligations before closing.
What information must be reported on Good Faith Estimate and HUD-1 Settlement Statement?
The Good Faith Estimate must report loan terms, interest rates, monthly payments, and estimated closing costs, while the HUD-1 Settlement Statement must report actual costs, loan amounts, credits, and the final amounts paid by both the buyer and seller during the settlement.
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