When purchasing a home you should be comfortable with all aspects of the transaction. And make sure you are comfortable with the information you are given. If you are not sure, you should seek other professional advice. Most real estate agents can recommend several lenders they work with who may be able to give you other options. Hopefully you are discovering this discrepancy before you are at the end of your transaction! Even if you are at the end, and feeling pressure to sign the papers, it's worth taking the time to get another opinion. And get the next opinion in writing.
Good luck with your home purchase. And welcome to the East Bay.
I respectfully disagree with the agent.
The good faith estimate is supposed to reflect what you were told would happen.
ABSOLUTELY do not trust them to voluntarily make less money than they have declared they intend to make.
Time to go to another loan officer for a second opinion.
Reason 1: GFEs are not signed. If it is a true GFE you are receiving, there is no place for a signature on it and it's not supposed to be signed. If there is a place to sign, it's not a GFE.
Reason 2: The GFE is what it is. If hey are not showing you a credit, it means they don't have to give you one. This is a deceitful method that some use to hedge. They may or may not show the credit at closing, but they certainly are not legally obligated to do so based on the GFE you received.
Get a new quote and an honest GFE.
Get a second opinion, shop the points. Originators that say one thing and do another aren't too ethical IMO.
Best of luck.
I would also be looking at this sideways. The NEW GFE's are supposed to be ACCURATE and there are harsh penalties for errors in the banks favor. IT sounds as if the lender is being sloppy and providing "cover my buns" cost estimates to you. If your lender is a big bank, NO you should NOT trust them (big banks are notorious for raiding buyer cash reserves in order to protect their own interests. I guarantee that if its on the GFE they will charge you those proceeds. I speak from experience. If your lender is a broker, you may wish to get as second opinion.
As mentioned several times, get a second opinion from another loan broker. A number of us local real estate agents would be happy to recommend a reputable local lender. Just ask!
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Nicolas: No Credits shows on GFE. My total closing charges twice as I was promised.