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GFE - when should I receive it?

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Senior Contributor

GFE - when should I receive it?

The GFE (good faith estimate) - what is a reasonable time frame to receive it?

 

I have asked for it from my lender several times in the last two weeks.  I have received a numbers worksheet, but not the GFE.  The numbers worksheet has wrong numbers on it (ie - the appraisal - I paid xx, they are claiming it cost yyy, title expenses, etc are also "wrong.")

 

The title company has already provided me a draft HUD-1.  They even gave it to the lender.  The lender forwarded it to me, saying that they used the numbers for their worksheet.  (The numbers that they claimed they took directly from the HUD form don't match up.)

 

I am 37 hours away from closing.  Yes, I am counting down.  Smiley Happy

 

When would be a reasonable time frame to recieve the GFE?  Do lenders even have to provide it anymore?  Does the worksheet count as the GFE?  At this point, does it even matter????

 

The title company has their costs fixed, to include the mandatory city, county, and state fees.  It's the lender that can't make up their mind what they are going to charge me.   [37 hours.  37 hours.  37 hours.]

 

The funds for closing have already been wired.  I used my best guess from the HUD-1 I had received from the title company.

 

Just sign me ----  exhausted, just taking what they dish out, and so ready to close...[37 hours, 37 hours, 37 hours...]

Message 1 of 7
6 REPLIES 6
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Moderator Emerita

Re: GFE - when should I receive it?

GFE is mandatory and is supposed to be provided to you within 3 days of application.
Message 2 of 7
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Established Contributor

Re: GFE - when should I receive it?

+1000

 

If you are already seeing draft HUDs a GFE at this point is not going to make any sense. A GFE is just an estimate, whereas the HUD-1 is going to be getting closer to the final, and much more accurate, numbers.

Message 3 of 7
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Moderator Emerita

Re: GFE - when should I receive it?

IOBA, I bet someone does some scrambling now to get you a GFE. They can't just skip it. Is this a private loan? Or portfolio loan? Even the HUD1 has a comparison of each of your GFE figures and the actual HUD1 figures to measure the difference between what was quoted and what you are actually heing charged. There are maximum tolerences allowed or the lender has to eat the excess cost (on their own fees, not 3rd party fees)

Message 4 of 7
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Senior Contributor

Re: GFE - when should I receive it?

The loan officer apparently blew it. If I were you, I'd ask the loan officer to explain why the legally-required GFE hasn't been given to you and what is he going to do about it?

 

Also, you would have had to sign a bunch of documents  (disclosures) before now. Wasn't a GFE in the disclosures package? 

Message 5 of 7
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Senior Contributor

Re: GFE - when should I receive it?

Yeah, never recieved the GFE.  Closing is in less than 24 hours...I don't think I will receive one now.

 

The "final" HUD-1 form was completed by the lender this morning (per an email I received from underwriting.)  I still have not received that either.

 

Argh.  Stress.  

 

AFTER closing I will ask questions of the lender (it's a traditional lender.)

Message 6 of 7
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Moderator Emerita

Re: GFE - when should I receive it?


@IOBA wrote:

Yeah, never recieved the GFE.  Closing is in less than 24 hours...I don't think I will receive one now.

 

The "final" HUD-1 form was completed by the lender this morning (per an email I received from underwriting.)  I still have not received that either.

 

Argh.  Stress.  

 

AFTER closing I will ask questions of the lender (it's a traditional lender.)


^^^Weird. The lender doesn't even prepare the HUD1, the title co or the attorney prepares the HUD1 and the final HUD is approved by the lender.

Message 7 of 7
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