Tag Archives: good-faith estimate

Lenders Held to Good-Faith Estimate

Lenders now have to stand by their initial good-faith estimate that they provide borrowers, according to the Department of Housing and Urban Development (HUD).

Closing costs are given to loan applicants up front, but these good-faith estimates can sometimes change when the loan is finalized. However, as of January 1st, lenders will be forbidden from increasing some charges at the closing table and will be limited to a 10% increase on other fees. If the costs of such services such as title insurance or credit reports turn out to be substantially more than initially indicated on the good-faith estimate, the lender will have to east the difference. Continue Reading

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