The Mortgage Professor: Loan estimates let borrowers down
By By Jack Guttentag
The Mortgage Professor (MCT)
Published: Thursday, Nov. 21 2013 12:00 a.m. MST
Under federal law, every home mortgage borrower must be provided with a good-faith estimate of settlement costs within three days of receipt of the borrower’s application. The good-faith estimate, or GFE, was administered for many years by the Department of Housing and Urban Development, which made substantial improvements to it in 2010. Shortly thereafter, responsibility shifted to the Consumer Financial Protection Bureau, where it now resides.
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