To comply with RESPA, HUD requires that a GFE be provided to the borrower within 3 business days of offical loan application date, excluding holidays and weekends. A Pre-Qualication would not trigger a GFE being issued since there is no fully executed sales contract.
If the APR changes by more than .125%, then a new GFE will be re-issued at the time of that change.
Loan officers deal with a lot of borrower all at the same time. If you had a similar name to the other person, they could have easily picked up the wring file by mistake or placed something in the wrong file at looked at it.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
When you're pre-approved, a Loan Officer initially reviews (should be at least) your tax returns, paystubs, bank statements and credit report. When you're pre-approved you're simply somewhat screened. GFE happens when you apply for a loan, but because you're simply pre-approved and shopping for a home, there hasn't been a mortgage application yet, therefore no GFE available to you.
Closing costs and pre-paid expenses are based on what house you decide to buy. Some carry additional taxes than others depending on where they're located, te property taxes vary, the loan amounts and purchase prices vary, so there's just too much unknown factors at the pre-approval stage for any lender to provide a GFE.
What the Loan Officer can do is give you an itemized breakdown of their fees. Regardless of what lender you pick, title fees and taxes will be the same, so this portion of a GFE really shouldn't interest you right now. What will vary is the lender's fees and rates, and this you can obtain a breakdown of these #s from the Loan Officer now, before you find a house.
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax