The CFPB requires that lenders provide customers with a Loan Estimate to help them understand the full cost of buying a home with a mortgage.[1] The Loan Estimate replaces the Good Faith Estimate, or GFE, that was used prior to 2015.
Lenders are required to issue Loan Estimates within three days of receiving a complete loan application, per the TILA-RESPA Integrated Disclosure Rule (TRID). A complete loan application include at least the following: Name, Income, Social Security Number, Property Address, Estimated Value of Property, Mortgage Loan Amount Sought. When these are received, TRID is considered to be triggered and the three-day clock starts.[2]
Loan Estimates are considered binding in that the lender's costs cannot change and if the lender's estimates of third-party costs are off by more than 10% the lender must cover the difference (this is called "curing"). [3]
The Loan Estimate covers all the costs associated with buying a home, even if they are not related to the actual mortgage. For example, property taxes are independent of the mortgage but are covered in a Loan Estimate.
^"What is a Loan Estimate?". CFPB. Retrieved 12 January 2024.
^"2013 Integrated Mortgage Disclosure Rule Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)". CPFB. CFPB. Retrieved 12 January 2024.
^"UNDERSTANDING TRID FEE CURES". Black Knight.
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