GFESGeneric Fundamentals Examination Section
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The most recent version of the GFE, released at the beginning of last year, contains space for consumers to take one lender's estimates and get competing quotes from as many as three others.
When you submit a loan application to an individual bank or mortgage broker, they must offer you a written Good Faith Estimate (GFE) no later than three days after you apply.
The gas-free engineer (GFE) is responsible for ensuring they get adequate training when they report aboard and at least annually thereafter.
A total of 2,064 individuals have taken the GFES since October 1991.
The complicated new GFE process is slowing down deals just as the market is starting to pick up.
"As regulatory compliance burdens grow, the enhanced SmartGFE Service for wholesale lenders provides assurance that their network of independent mortgage brokers disclose accurate costs on GFEs [Good Faith Estimates] upfront, mitigating their third-party loan risk and eliminating tolerance violations."
ClosingCorp launched its original SmartGFE Service in 2010 to deliver live rates for local and national real estate closing services, as well as transfer taxes and recording fees, enabling lenders and brokers to create instant, accurate GFEs. Based on market demand for greater efficiency and precision, ClosingCorp developed the SmartGFE Service 2.0 to eliminate the need for loan officers to make decisions and manually input information already existing in a loan file.
Shortly after the September 2009 launch of the Loan-Sifter Banker suite, LoanSifter released its first iteration of eOriginations [TM] a consumer-facing point-of-sale origination platform that combined LoanSifter's real-time pricing with online mortgage application as well as tools to run credit reports, calculate annual percentage rates (APRs) and Good Faith Estimates (GFEs), It also enabled the collection of electronic signatures.