Super Contributor
Posts: 8,350
Registered: ‎09-28-2007
Re: Understanding the New 2010 Good Faith Estimate

Page One


I’ll go over the “Important dates” in more detail.  #1 is the date that the interest rate is & originator charges are good for, if the interest rate isn’t locked it’ll say “N/A” since interest rates have the potential to change at the drop of a hat, if the interest rate is locked this will be the day the interest rate lock expires.  #2 is the date that all other settlement charges are good for, which has to be at least 10 business days from the date of the GFE.  #3 is how many calendar days after locking in the interest rate you must go to settlement (this is the amount of days your interest rate is locked in for).  #4 how many calendar days before settlement must you lock the interest rate in (often 3-7 days).


So if your interest rate is locked at the time of application, you should likely only ever receive 1 disclosed GFE for the entire process… but if you are floating your interest rate at application, and then choose to lock it in later, you should get a new GFE with the locked in interest rate terms, within 3 days of locking the interest rate in.


Summary of your loan and Escrow account information is pretty clear & self-explanatory.




Summary of your settlement charges is the total of all settlement charges, including lender/broker/title/escrow/closing attorney/title insurance/transfer taxes, etc.