1. Completing the Good Faith Estimate
Broker’s Best
Contract Loan Processing

2. Good Faith Estimate (GFE)
The originator must provide a GFE within three business days of receiving an application
Application means:
Borrower Name
Borrower Income
Borrower Social Security Number
Property Address
Estimate of property value
Desired Loan Amount

3. SSPL
Lenders will be required to provide the borrower with a Settlement Service Provider List (SSPL) that includes settlement service provider names
This pertains to any settlement service where the service is required but the borrower can select a provider
The list must include at least one company per service

4. Fee Tolerances Charges that cannot increase at settlement:
Origination charges including the loan originator fees and broker compensation
Discount or credit for a specific interest rate locked
Adjusted origination charges after the interest rate is locked
Transfer Taxes

5. Fee Tolerances
Charges that cannot increase in the aggregate by more than 10% at settlement:
Required settlement services that the lender selects
Title services and lender’s title insurance if selected by the lender or if borrower uses a company identified on the SSPL
Owner’s title insurance if borrower uses a company identified on the SSPL
Required settlement services (such as pest inspections) if borrower uses a company identified on the SSPL
Government Recording Charges

6. Fee Tolerances Charges the can increase at settlement:
Required settlement services that the borrower can select, if the borrower selects a service provider not listed on the SSPL
Title services and lenders title insurance, if the borrower selects a service provider not listed on the SSPL
Owner’s title insurance, if the borrower selects a service provider not listed on the SSPL
Initial deposit for borrower escrow/impound account
Daily interest charges
Homeowner’s insurance

7. Page 1 Originator Information
Name of Originator
Company Name Required
Individual Originator Name Optional
Originator Address
Office Address
Originator Phone Number
Office Phone Number Required
Individual Originator Phone Optional
Originator

8. Page 1 Important Dates The interest rate is available through
Date and Time
Settlement Charges must be available for a minimum of 10 days from the date of GFE
Number 3
N/A if rate is floating
Enter # of days of lock period minus 4 business days if rescindable transaction
Enter # of days of lock period minus 1 business day for all other transactions
Enter 7 days before settlement rate must be locked

9. Page 1 Summary of Your Loan
Initial loan amount
Including UPMIP, VAFF, or USDA Guaranty Fee
Loan Term
Initial Interest Rate
Note Rate at time of closing
Initial Payment
P&I + mortgage insurance

10. Page 1 Summary of Your Loan
Can rate rise?
Yes, if ARM
Can loan balance rise? No
Can payments increase?
Prepayment penalty?
Balloon payment?
Yes, if balloon program

11. Page 1 Escrow Account Information
Complete the “amount owed of $”
Enter the P&I + monthly MI(P) in the box
Check Yes or No whether the escrow/impound account is required

12. Page 1 Summary of your Settlement Charges
This is a summary carried over from page 2 of the GFE
Complete Box A, Box B and Box A + B

13. Page 2 Our Origination Charge – Wholesale Transaction
All Lender and Broker Charges Disclosed Together
Origination Fee(s)
Mortgage Broker Fee
Admin Fees
Processing Fees
203K Supplemental Origination Fee
Underwriting Fee
Lender Compensation to Broker (YSP)
Doc Prep Fees
Subject to Zero Tolerance
Disclose accurately as you will not be allowed to make any changes

14. Page 2 Our Origination Charge Retail Transaction
All Lender and Broker Charges Disclosed Together
Origination Fee(s)
Admin Fees
Processing Fees
203K Supplemental Origination Fee
Underwriting Fee
Doc Prep Fees
Disclose accurately as you will not be allowed to make changes even if you have to broker the loan to another lender

15. Page 2 Credit or Charge
First box is only completed if the loan is a retail transaction and there is no credit to the borrower for closing costs and no discount points charged for the rate
Second box is completed on wholesale transactions and must match the lenders pricing if loan is priced with YSP
Second box is completed on retail transactions if the borrower will receive a lender credit at closing to pay closing costs
Third box is completed for wholesale or retail transactions and must match the lenders pricing if loan is priced with discount
Third box is completed if there is a temporary buydown on the transaction

16. Page 2 Your Adjusted Origination Charges
Box A represents the total of Box 1 “Your Origination Charge”
Minus the amount of credit OR
Plus the amount of discount
Carry this amount forward to Page 1
Summary of your settlement charges

17. Page 2 Block 3 Required Services
Required services that the lender or broker select
Appraisal
Credit Report
Lenders Inspection/Final Inspection
Upfront MIP
VA Funding Fee
Rural Housing Guaranty Fee
Mortgage Insurance Premium
MERS
Flood/Life of Loan
Tax Service
Subject to 10% tolerance

18. Page 2 Block 4 Title Services
Title/Closing/Settlement
Title Insurance – Lender Coverage
Title Guarantee
Title Endorsements
Title Search
Name Search
Doc Preparation/ print Fee
Settlement Fee
Attorney Fee
Courier, messenger, overnight delivery
Recording Service Fee
Subject to 10% tolerance if service selected from the originator’s SSPL

19. Page 2 Block 5 Owner’s Title Insurance
Title Insurance – Owner Coverage
Subject to 10% tolerance if service selected from the originator’s SSPL

20. Page 2 Block 6 Required Services
Required services that the borrower can shop for
Include at least 1 company on your SSPL
Inspections
Pest
Well/Septic
Certifications
Survey
Counseling Fee for Reverse Mortgage
Subject to 10% tolerance if service selected from the originator’s SSPL

21. Page 2 Block 7 Recording Fees
Government Recording Fees
Recording Fee – Transfer Deeds
Recording Fee – Mortgage/DOT
Recording Fee – Trust
Recording Fee – Power of Attorney
Subject to 10% tolerance

22. Page 2 Block 8 Transfer Taxes
City/County/Tax/Stamps
State Tax/Stamps
Intangible Tax
Residential Mortgage Loan Fee
Mortgage Tax
Subject to zero tolerance
Find out what the tax stamps will be before you issue your GFE

23. Page 2 Block 9 Deposit for Escrows
Initial deposit to establish the escrow/impound account
Property Taxes
Hazard Insurance
Mortgage Insurance
Not subject to tolerance

24. Page 2 Block 10 Interest Daily Interest Charge
Per Diem
Estimated # of days
Estimated Settlement date
Not subject to tolerance

25. Page 2 Block 11 Insurance Homeowner’s Insurance
Hazard
Flood
Wind
Must include at least one company on SSPL
Not subject to tolerance

26. Page 2 Total Estimated Charges
Block B
Total of charges disclosed in blocks 3 – 11
Carry over to page 1
A + B
Total Estimated Settlement Charges

27. Page 3 Using the Tradeoff Table
Complete all the fields in the left column
The loan in this GFE
Complete the other 2 columns at your option

28. Page 3 Shopping Cart Complete all fields in the left column
This loan
The borrower may use the other columns to shop and compare