The GFE is one of the most important documents in a loan approval. Federal laws govern providing a GFE to a borrower in a specified time.
Federal regulations require re-disclosure of the initial package to be sent to the applicant(s) in the following situations:
ï‚· Fees for the loan INCREASE by more than the tolerance limit under the new RESPA Rules effective January 1, 2010.
ï‚· A borrower is added or deleted.
ï‚· There is a program change.
ï‚· The fees, loan terms, and/or interest rate change (other than the prepaid interest calculation).
ï‚· The APR increases or decreases by more than .125% for a fixed-rate loan, and by more than .25% for an ARM loan.
ï‚· The loan changes from an â€œin houseâ€ loan to a brokered loan or from a brokered loan to an â€œin houseâ€ loan.
ï‚· Mortgage insurance is added.
If re-disclosure occurs, the lender may NOT schedule the closing until at least three (3) business days after the re-disclosure is RECEIVED by the applicant(s).
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
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