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The Loan Estimate replaces the Good Faith Estimate, or GFE, that was used prior to 2015. Lenders are required to issue Loan Estimates within three days of receiving a complete loan application, per the TILA-RESPA Integrated Disclosure Rule (TRID).
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Here’s a loan estimate example broken down by page and section. You can view a similar, interactive visual on the Consumer Finance Protection Bureau’s website . Loan estimate example: Page 1
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A Good Faith Estimate of settlement costs is a three-page document that shows estimates for the costs that the borrower will likely incur at settlement and related loan information. It is designed to allow borrowers to shop for a mortgage loan by comparing settlement costs and loan terms.
The act stipulates, in Section 13, obligations of all parties within a contract to act with utmost good faith. The New South Wales Court of Appeal case Burger King Corporation v Hungry Jack's Pty Ltd (2001) [27] was also concerned with good faith and referred to an earlier case, Renard Constructions v Minister for Public Works (1992). [28]
A new survey reveals that more than half of homebuyers today don't know what the Good Faith Estimate is actually good for - namely, to shop around for the cheapest mortgage loans on the market.
A bona fide purchaser (BFP) – referred to more completely as a bona fide purchaser for value without notice – is a term used predominantly in common law jurisdictions in the law of real property and personal property to refer to an innocent party who purchases property without notice of any other party's claim to the title of that property.
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