Good Faith Estimate or Loan Estimate

Last modified March 14, 2022

This was an itemized document of mortgage loan fees that the Lenders gave their borrowers when they first applied for a mortgage. This was required so the borrowers would know how much money the Lender will charge for the service of Originating their mortgage loan(s) and any other mortgage service. This document was typically sent out to the Borrower with the initial disclosure package. Per the Real Estate Settlement Procedures Act, the Lender had 3 business days to send out this disclosure after filling out a loan application. This document has been replaced by a more detailed Closing Disclosure.