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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).
TILA-RESPA Integrated Disclosure Rule (TRID): effective October 2015, TRID was required by the Dodd-Frank act and requires the use of new, integrated disclosure forms for consumers at the time of application and settlement-known as the Loan Estimate (LE) and the Closing Disclosure (CD).
Key takeaways. A mortgage loan estimate is a standard three-page document detailing the estimated costs, structure and other terms of the loan. Mortgage lenders are required by law to provide ...
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. These costs include, but are not limited to:
Step 6: Read the fine print on your loan estimate. Within three days of applying for a mortgage, your lender must provide you with a loan estimate. Thoroughly reading the fine print in this ...
Loan estimate: A Loan Estimate is a three-page document lenders provide when you apply for a mortgage that outlines your expected loan terms and costs. Loan modification: ...
HUD-1 Settlement Statement. The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions.
A loan estimate is a standardized form listing the key terms of a mortgage provided to you after you apply for a loan, like your loan amount, interest rate and estimated monthly costs.