SAT, 03.12.2019 23:31 bsheepicornozj0gc

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a good faith estimate is required by law to be given by the lender to the borrower within three days of submitting a loan application. what are some drawbacks of not having that estimate at time of closing ?

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The drawbacks of not having that estimate at the time of closing will be that the individual may have to pay a higher fee.

The Good Faith Estimate was put in place in order to encourage consumers to be able to shop and also compare the fees from different lenders before a mortgage provider will be chosen.

The good faith estimate is required by law to be given by the lender to the borrower within three days of submitting a loan application.

It's vital to help the customers understand the services that they needed to shop for and thereby get a lower interest. In this case, if one doesn't have the estimate, a higher fee will be paid.

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Answer from: oakleylynn

The correct answer to this open question is the following.

A good faith estimate is required by law to be given by the lender to the borrower within three days of submitting a loan application. Some drawbacks of not having that estimate at the time of closing are the following. The Closing Disclosure has designated some fee levels of tolerance, so fees can not change to protect the loan estimated. The only exception is when something unexpected happens. The three levels of tolerance are: the zero-tolerance is the fees for the broker. These are fixed. The 10% tolerance accepts a modification of the 10% of fees in case another expenditure is needed. Finally, the no-tolerance concept permits many changes in fees for services beyond the broker assistance.

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