2010 GFE

View the "2010 RESPA Workflow" Quick Reference Guide

The 2010 GFE (Good Faith Estimate) provides the borrower with estimated closing costs and other charges that must be satisfied before the loan closes. Most of the information on the 2010 GFE is populated from the 2010 Itemization form, which provides a detailed estimate of all closing costs and other charges.

Your administrator can set a date when all new loans must use the 2010 versions of the forms. Users can switch between the 2015 RESPA-TILA forms, the 2010 Itemization, 2010 GFE , and HUD-1, and the pre-2010 Itemization and HUD-1 if you have not yet sent your initial disclosure to the borrower. Click Forms on the Encompass menu bar, point to RESPA-TILA Form Version, and then click Old GFE and HUD-1, RESPA 2010 GFE and HUD-1, or RESPA-TILA 2015 LE and CD. To view the help topic for the 2015 Itemization form, refer to the 2015 Itemization help topic.

General Guidelines

Use the 2009 GFE Print feature on the Encompass Settings screen to set one or more of the five GFE output forms as the printing defaults.

Disclosure Information

  • If you are a lender and a broker is providing the disclosures to the borrower, select the GFE disclosed by broker checkbox at the top of the form.

  • Complete the editable date fields associated with the disclosure.

    If the rate is locked, the GFE Expires Date and the GFE Effective Days fields automatically update to align to the lock expiration date.

  • Select a new loan program or closing costs program, if needed.

  • Type or edit the loan number if needed.

  • If a GFE Expires alert warns you that the previously disclosed GFE is about to expire, but the borrower intends to continue and complete the loan, select the Borrower intends to continue with this loan checkbox to clear the alert.

  • This checkbox is not enabled until the initial REGZ-TIL and GFE are sent/disclosed.

  • When you select the checkbox, the current date is automatically entered in the associated date field. To change this date, click the Calendar icon and select a date. The date entered here is used to calculate the Earliest Fee Collection Date on the Disclosure Tracking tool.

     You cannot enter a date that is earlier than the initial REGZ-TIL Borrower Received Date nor the initial GFE Borrower Received Date entered on the Disclosure Tracking tool.

  • When you select this checkbox, your company's policies regarding updating the GFE (set by the administrator) continue to be enforced.

  • If you do not select this checkbox, the GFE column on the 2010 HUD-1 Page 3 can be updated when fees are changed after the previously disclosed GFE expires.

  • If a change in loan information might require a new disclosure, select the Changed Circumstance checkbox, click the Search icon , select a description of the circumstance from the list, and then click OK. Edit the description and details related to the circumstance if needed.

Loan Terms and Amounts

Loan terms and amounts, including the interest rate, purpose of loan, loan type, and amortization type. These fields are typically populated from entries made on the Borrower Summary or 1003.

Important Dates

Dates related to the interest rate availability, rate lock, and settlement charge estimates.

  • On line 4, select the Print N/A on form checkbox to print N/A in the settlement days box on line 4 of the output form.

Summary of Your Loan

Basic loan information, including the initial monthly payment, loan term, and interest rate, plus information about potential changes in the monthly payments and interest rate over the life of the loan, including balloon payments and prepayment penalties.

  • Click the Calculate button to open the Amortization Schedule for the worst case scenario used to calculate the value in the The maximum it can ever rise to is field.

  • Click the Prepayment Penalty button to view prepayment penalty details.

Escrow Account Information

Indicates whether the borrower is required to maintain an escrow account for the loan and the monthly escrow amount if applicable.

Your Adjusted Origination Charges

The origination charge for the loan, plus any credit or charge for receiving the specified interest rate. The total of all the entries in this section are listed in the Your Adjusted Origination Charges field (A).

Charges for All Other Settlement Services

The total charge for all settlement services (B), plus the charges broken down by these categories:

  • Required services for which the originator selects the provider

  • Title services and insurance

  • Required services for which the borrower can select the provider

  • Government recording charges

  • Transfer taxes

  • Initial Escrow deposits

  • Daily interest charges due prior to the first payment

  • Homeowner's insurance

Total Estimated Settlement Charges

The total of the adjusted origination charges (A) plus the charges for all other settlement services (B).

Tradeoff Table

An optional table comparing the initial monthly amount owed and the settlement charges for:

  • The loan being disclosed

  • The same loan with a lower interest rate

  • The same loan with lower settlement charges