1 SUBMITTING AN ACCURATE GOOD FAITH ESTIMATE - INTRODUCTION... 1 ALL LOANS... 1 NAME OF ORIGINATOR... 1 BORROWER... 1 IMPORTANT DATES... 2 SUMMARY OF YOUR LOAN... 3 ESCROW ACCOUNT INFORMATION... 4 SUMMARY OF YOUR SETTLEMENT CHARGES... 5 YOUR ADJUSTED ORIGINATION CHARGES... 6 COMPENSATION DECLARATION (WITH OR WITHOUT FLAT FEE)... 7 WITHOUT FLAT FEE... 7 WITH FLAT FEE... 7 PROPER DISCLOSURE OF PRICING ATTRIBUTES IN BOX TWO OF THE GFE... 8 BORROWER PAID COMPENSATION... 8 LENDER PAID COMPENSATION... 9 YOUR CHARGES FOR ALL OTHER SETTLEMENT SERVICES PART I YOUR CHARGES FOR ALL OTHER SETTLEMENT SERVICES PART II PURCHASE BOX BOX BOX MORTGAGE INSURANCE HARP - DU REFINANCE PLUS (DURP) DURP WITH PROPERTY INSPECTION WAIVER (PIW) HARP - DU REFINANCE PLUS (DURP) DURP WITH APPRAISAL HARP - LP OPEN ACCESS (LPOA) LPOA WITH PROPERTY INSPECTION ALTERNATIVE (PIA) LPOA WITH APPRAISAL FEDERAL HOUSING ADMINISTRATION WITH APPRAISAL STREAMLINE (WITHOUT APPRAISAL) VETERANS AFFAIRS (VA) EXEMPT FROM FUNDING FEE WITH FUNDING FEE SUBMITTING AN ACCURATE GOOD FAITH ESTIMATE - CONCLUSION... 22
2 SUBMITTING AN ACCURATE GOOD FAITH ESTIMATE - INTRODUCTION To better assist our clients in submitting a complete Good Faith Estimate (GFE) to be accepted at time of submission, New Penn Financial has developed this guide. Prior to submitting a loan, please review the scenarios below with your account executive to confirm accuracy. Thank you for your business! ALL LOANS Specific Instructions for All Loans The next pages cover the items that should be completed on a conventional GFE, regardless of the program: NAME OF ORIGINATOR The top left section of the Good Faith Estimate (GFE) should have the following: 1. The name of the broker company originating the loan, which must match the broker company listed on the The address associated with that originator, which must match the address listed for the broker company on the The phone number must also match the one listed for the broker on the The originator s is preferred but not mandatory. BORROWER The top right of the GFE should have the three fields completed for: 1. The primary borrower s first and last name as listed on the An individual GFE will be required for each unmarried applicant on the loan. 2. The address for the subject property must match what is listed on the The main date of the GFE (which must be dated within three days of the initial application date as indicated by the borrower and originator s dated signatures.
3 ALL LOANS Specific Instructions for All Loans IMPORTANT DATES Depending on whether or not the loan is locked, the Important Dates Section of the GFE must show: If the loan is NOT locked: If the loan IS locked: 1 Same date as the main date of the GFE (shown above). The lock expiration date. 2 Cannot be less than 10 business days from the main date of the GFE. Cannot be less than 10 business days from the main date of the GFE. 3 N/A The lock period days (15, 30, 45, etc). 4 Must be a number greater than one. N/A
4 ALL LOANS Specific Instructions for All Loans SUMMARY OF YOUR LOAN The Summary of Your Loan Section of the GFE will also be completed a certain way depending on whether or not the loan is locked: If the loan is NOT locked: If the loan IS locked: 1 Must match the loan amount listed on the initial Must match the loan amount locked Must match the loan term listed on the initial Must match the loan term locked. 3 Must match the terms for which the borrower is Must match the interest rate locked. applying, based on the signed The interest rate on subsequent NOT locked GFEs must be representative of current pricing available. 4 To be calculated using the terms on the initial 1003, includes principal, interest, and mortgage insurance. To be calculated using the terms of the loan lock, including principal, interest, and mortgage insurance. 5 If the loan is to be an Adjustable Rate Mortgage (ARM), the Yes box must be check-marked, and the maximum first rate adjustment and date must be listed. If not an ARM, the No box must be checkmarked. If the loan is to be an Adjustable Rate Mortgage (ARM), the Yes box must be check-marked, and the maximum first rate adjustment and date must be listed. If not an ARM, the No box must be checkmarked. The second half of the Summary of Your Loan Section of the GFE will also be completed a depending on whether or not the loan is locked: 1. If the loan is NOT locked, these four questions should be completed based upon the initial If the loan IS locked, these four questions should be completed based upon the loan lock.
5 ALL LOANS Specific Instructions for All Loans ESCROW ACCOUNT INFORMATION There are two items to remember when completing the GFE regarding escrow information: If the loan IS locked, the correct box must be check-marked. The Escrow Account Information Section of the GFE must match what is listed in box 9 of the GFE, on page 2. ESCROW WAIVED GFE Page 1 GFE Page 2 ESCROW NOT WAIVED GFE Page 1 GFE Page 2
6 SUMMARY OF YOUR SETTLEMENT CHARGES ALL LOANS Specific Instructions for All Loans The Summary of Your Settlement Charges Items on the first page of the GFE must match their associated boxes on page 2 of the GFE. 1. This figure must match line A on the top portion of page two of the GFE. 2. This figure must match line B on the bottom portion of page two of the GFE. 3. This figure must match line A+B on the bottom of page two of the GFE.
7 YOUR ADJUSTED ORIGINATION CHARGES ALL LOANS Specific Instructions for All Loans The Your Adjusted Origination Charges Section of the second page of the GFE will, depending on whether the loan is Lender or Borrower Paid, contain the following information: Lender Paid Borrower Paid 1 Includes all of the following: Includes all of the following: Broker declared percentage times the total loan amount. If a cap is declared then the cap would be input in lieu of the % calculation when applicable. Broker declared percentage times the total loan amount. If a cap is declared then the cap would be input in lieu of the % calculation when applicable. If the broker declares a percentage plus a flat fee, the flat fee amount ($500) is also included (unless the declared cap has already been reached). If the broker declares a percentage plus a flat fee, the flat fee amount ($500) is also included (unless the declared cap has already been reached). Lender fees (UW & admin fee, commitment fee (NJ/NC) & PIW/PIA fee if applicable. Lender fees (UW & admin fee, commitment fee (NJ/NC) & PIW/PIA fee if applicable. ATTENTION: NPF requires that Borrower Paid Compensation be structured and disclosed according to the Broker s declared compensation (i.e. LPC% = BPC%). PLEASE SEE YOUR ACCOUNT EXECUTIVE FOR DETAILS. A If the loan is NOT locked this should reflect the pricing structure as of the date of the GFE. (i.e. a Good Faith attempt to disclose accurate pricing, even if it is not yet locked in.) If the loan is NOT locked this should reflect the pricing structure as of the date of the GFE. (i.e. a Good Faith attempt to disclose accurate pricing, even if it is not yet locked in.) If the loan IS locked, this should reflect the pricing terms as locked. If the loan IS locked this should reflect the pricing terms as locked. If the net price to the borrower equals a credit, the box is checked, the dollar amount of the net price is shown as a negative number, and the interest rate is reflected. B If the loan is NOT locked this should reflect the pricing structure as of the date of the GFE. (i.e. a Good Faith attempt to disclose accurate pricing, even if it is not yet locked in.) If the loan IS locked and the net price to borrower equals a charge, the box is checked, the net price will be shown, and the interest rate inserted. 2 The dollar amount of the rebate or discount in A or B would also be shown here. 3 The sum of 1 and 2 would be listed here. See details on following page If the net price to the borrower equals a credit, the box is checked, the dollar amount of the credit is shown as a negative number, and the interest rate is reflected. If the loan is NOT locked this should reflect the pricing structure as of the date of the GFE. (i.e. a Good Faith attempt to disclose accurate pricing, even if it is not yet locked in.) If the loan IS locked with discount points, the box is checked, the dollar amount of the points will be shown, and the interest rate inserted.
8 ALL LOANS Specific Instructions for All Loans COMPENSATION DECLARATION (WITH OR WITHOUT FLAT FEE) The same flat fee calculation would apply to both Lender Paid Compensation and Borrower Paid Compensation Loans. If using a flat fee, the Compensation Cap will factor the Flat Fee prior to the Broker Compensation Rate being applied. For example: If the Compensation Cap is $10,000 And the Broker elects to declare an additional Flat Fee at $500 Then the max Broker Compensation would be $9,500 + $500 flat fee. The Broker Compensation Rate (declared %) would not be able to exceed the $9500. IE the max Broker Compensation Rate in this case would be 3.8% for a Loan Amount of $250,000. $250,000 X 3.8% = $9,500 (to which the $500 flat fee will be added) WITHOUT FLAT FEE If not using a flat fee, then Box 1 of the Good Faith Estimate will be calculated based on existing NPF procedures. The Loan Amount will be multiplied by the Broker Paid Compensation Rate, and then New Penn Financial Fees will be added. Check with your Account Executive for NPF fee amounts by Zone/Region, which vary from state to state. WITH FLAT FEE If using the flat fee, Box 1 of the Good Faith Estimate will include the total loan amount, multiplied by the broker paid compensation rate, plus New Penn Financial Fees, plus the flat fee.
9 ALL LOANS Specific Instructions for All Loans PROPER DISCLOSURE OF PRICING ATTRIBUTES IN BOX TWO OF THE GFE Only one box can be check-marked in box 2 of a Good Faith Estimate. BORROWER PAID COMPENSATION On a Borrower Paid Compensation (BPC) Loan, box two is affected by one of two factors depending on how the loan is priced: 1. Lender Credit to Borrower (Premium Priced loans). This will be shown as a negative credit in block two, and the middle box would be selected. 2. Discount Charge to Borrower (Loans Priced with a rate buy down). This will be shown as a positive charge in block two, and the bottom box would be selected.
10 LENDER PAID COMPENSATION ALL LOANS Specific Instructions for All Loans On a Lender Paid Compensation (LPC) loan, block two is affected by one or more of the following factors depending on how the loan is priced. 1. Credit associated with the Lender Paid Compensation portion of the Origination Fees disclosed. This is calculated as a negative credit in block two. The calculation includes: A. If not using a Flat Fee: The LPC calculated as a percent of total loan amount OR the dollar cap, if applicable. B. If using a Flat Fee: Flat Fee plus LPC (calculated as a percent of the total loan amount), UP TO the Broker Compensation Cap. Note that NPF will not allow a flat fee above a declared cap. IE the Flat Fee will be factored into the cap calculation prior to determining the Max Broker Compensation Rate. 2. Lender Credit to Borrower for closing costs (Premium Priced loans). This will be calculated as a negative credit in block two and is added to the credit above for LPC. 3. Discount Charge to Borrower (Loans Priced with a rate buy down). This will be calculated as a positive charge in block two. 4. In the event a loan has a combination of LPC credit AND a Lender Credit to borrower, the two credits are added together and the middle box would be selected. The credit is reflected in Block Two as a negative number. Continued on following page
11 5. In the event a loan has a combination of LPC credit AND a Discount charge to borrower, the two figures are netted against each other. A. If the Credit amount is greater than the Discount, the net figure will be reflected in Block Two as a negative number and the middle checkbox will be selected. B. If the Credit Amount is less than the Discount, the net figure will be reflected in Block Two as a positive number, and the bottom checkbox will be selected.
12 ALL LOANS Specific Instructions for All Loans YOUR CHARGES FOR ALL OTHER SETTLEMENT SERVICES PART I 1. This box will include any fees for service providers New Penn Financial requires, such as the AMC (appraisal), credit report, and Up Front Mortgage Insurance (UFMIP). Note: Some portfolio products require additional appraisals, check guidelines to ensure appraisal costs have been disclosed appropriately. 2. This box will show the sum of all title and settlement service fees. New Penn Financial will require a Fee Itemization Sheet for all title / closing fees totaled in box This must include the owner s title fees on all purchase loans, regardless of whether the borrower expects to pay for it or not. 4. This box will list any fees for service providers that New Penn Financial does not require, such as HOA fees and/or home inspections, etc. 5. This box will show the recording charges for the mortgage, deed, etc. 6. This should be the amount of any transfer tax, recording tax, tax stamp, GRMA $10 fee required by the state. Transfer taxes should be shown regardless of who (buyer/seller) is paying them. Remember all items disclosed in box eight are subject to 0% tolerance. Continued on following page
13 ALL LOANS Specific Instructions for All Loans YOUR CHARGES FOR ALL OTHER SETTLEMENT SERVICES PART II 1. Box 9 of the GFE will include any impounds collected at closing, and check-boxes should be check-marked accordingly. This will agree with the Escrow Account Information shown on page 1 of the GFE. 2. Box 10 of the GFE will include the estimated Per Diem Interest Amount, to be collected at closing. Check-boxes must be check-marked accordingly, based on estimated settlement dates. 3. Box 11 of the GFE will include the cost of an annual hazard insurance policy or flood insurance policy if collected at closing. 4. This will be a total of GFE boxes three through eleven. 5. This box will show the sum of box A Your Adjusted Origination Charges, and box B Your Charges for All Other Settlement Services, from page two of the GFE.
14 PURCHASE Specific Instructions for Purchase Transactions There are three boxes on a purchase GFE that may* look different from the refinance example above. BOX 5 New Penn Financial requires that the Owner s Title Insurance Box display a value for all purchase transactions. BOX 6 GFE Box 6, Required Services That You Can Shop For, should list all fees that the borrower may shop for including pest and home inspections. BOX 8 Box 8 of the GFE must list any state and local taxes associated with the purchase. New Penn Financial uses the paid for resource, ERNST Publishing Co., to estimate unique transfer taxes state to state. As this is a zero tolerance field, New Penn may request supporting documentation for estimates that deviate. 490B-8EB5-B1D3AED9AA57} *In some states, transfer taxes are also required for refinances.
15 MORTGAGE INSURANCE Specific Instructions for Mortgage Insurance Monthly Mortgage insurance premium must be included in the Your initial monthly amount owed box of the Summary of Your Loan Section of the first page of the Good Faith Estimate. This is also known as PIMI (Principal, Interest, and Mortgage Insurance). From page 1 of the GFE If using single premium mortgage insurance (also called Up Front Mortgage Insurance / UFMIP) the full amount will need to be disclosed in Box 3 of the GFE.
16 HARP - DU REFINANCE PLUS (DURP) Specific Instructions for HARP - DURP Loans with PIW DURP WITH PROPERTY INSPECTION WAIVER (PIW) If a Desktop Underwriting Refinance Plus Loan, the borrower will qualify for a Property Inspection Waiver (PIW) if the Special Features Code Section of their Automated Underwriting System (AUS) Results displays an 807 code. If the borrower qualifies for the PIW, then a $75 PIW fee must be included in box 1. Generally there will be no appraisal value listed in box 3 of the GFE, and that is acceptable under this scenario. If the appraisal fee is also included, but the service not preformed, you are over-disclosing, which is general accepted, but unnecessary. Summary: If a DURP with a PIW, GFE Box 1 = Loan Amount X Broker Compensation % + New Penn Origination Fees + $75 PIW Fee
17 HARP - DU REFINANCE PLUS (DURP) Specific Instructions for HARP - DURP Loans with appraisal DURP WITH APPRAISAL If no 807 code appears in the Special Feature Code of the AUS, box 1 of the GFE will not include $75 PIW fee, and box 3 must include an appraisal fee. DURP AUS with no 807 code shown. Box 1 of the GFE will not include the $75 PIW fee. Box 3 of the GFE must have an appraisal fee listed. Summary: If a DURP with no PIW, GFE Box 1 = Loan Amount X Broker Compensation % + New Penn Origination Fees; and an appraisal fee must be listed in box 3.
18 HARP - LP OPEN ACCESS (LPOA) Specific Instructions for HARP - LPOA Loans without appraisal LPOA WITH PROPERTY INSPECTION ALTERNATIVE (PIA) Box 1 must include $50 PIA fee based on.2 or less standard deviation (Y1) value listed in the New Penn Financial Run Loan Prospector Full Feedback Certificate. The Loan Prospector Full Feedback Certificate will be checked to confirm if its Y1 value is less than.2. If it is, box 1 of the GFE will include a $50 PIA fee. And no appraisal fee will be listed. Summary: The Y1 value of the Loan Prospector Full Feedback Certificate will be checked to determine if it is less than.2. If it is, then a $50 fee must be included in box 1, and no appraisal fee will be listed in box 3.
19 HARP LP OPEN ACCESS (LPOA) Specific Instructions for LPOA Loans with appraisal LPOA WITH APPRAISAL Box 1 will not include $50 PIA fee, and box 3 must include an appraisal fee. First, the Loan Prospector Full Feedback Certificate will be checked to confirm if its Y1 value is less than.2. If it is greater than.2, then no PIA fee will be included in box 1. And an appraisal fee must be listed in box 3. Summary: If the Y1 value of the Loan Prospector Full Feedback Certificate is greater than.2, then box 1 will not include the $50 PIA fee, and an appraisal fee will be required in box 3.
20 FEDERAL HOUSING ADMINISTRATION Specific Instructions for FHA Loans WITH APPRAISAL STREAMLINE (WITHOUT APPRAISAL) UFMIP is calculated from the BASE loan amount. Broker Compensation will be based on the TOTAL loan amount, including financed UFMIP. Points / Discount / Locked Lender Credit will also be based on the TOTAL Loan Amount, including financed UFMIP.
21 VETERANS AFFAIRS (VA) Specific Instructions for VA Loans Box 3 of a Veteran s Affairs loan may or may not have a Funding Fee listed in box 3 of the GFE. This is based on the veteran s funding fee exemption status. If the veteran is not exempt, then the Funding Fee Factor will vary based on their service and whether or not they had used the program for a prior loan. EXEMPT FROM FUNDING FEE First the Veteran s Certificate of Eligibility (shown) or Loan Number Assignment will be checked to confirm whether or not the veteran has an Exempt Funding Fee Status. If they have been confirmed exempt, then no funding fee will need to be listed in box 3 of the GFE.
22 VETERANS AFFAIRS (VA) Specific Instructions for VA Loans WITH FUNDING FEE If the veteran is listed as non-exempt, on their Certificate of Eligibility or Loan Number Assignment (shown) then a funding fee must be disclosed in box 3 of the GFE. The funding fee factor can be determined by reviewing the veteran s documentation against the Funding Fee Factor Tables found at the Veteran s Affairs Portal: Funding Fee Tables Document:
23 (funding fee chart example, ) The factor will primarily be dependent on whether or not the veteran was active duty or in the reserve, their down payment, and whether or not this is their first time using the program. SUBMITTING AN ACCURATE GOOD FAITH ESTIMATE - CONCLUSION Thank you for taking the time to read this guide on the accurate completion of a Good Faith Estimate for New Penn Financial. We hope this has been informative, and that it will assist you in submitting future loans with our company. Feel free to contact your Account Executive to discuss any of the items included in this guide in more detail, and again, thank you for your business!
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Presented by TREC Instructor: Laura Perry, Attorney TREC course: 7748 Comprehensive Outline Say Goodbye to the HUD1 and GFE on October 1 st, 2015 (or Hello Loan Estimate and Closing Disclosure) Opening
VA Borrower Fees and OVERVIEW Purpose The VA home loan program involves a veteran s benefit. VA policy has evolved around the objective of helping the veteran to use his/her home loan benefit. Therefore,
The Ability to Repay (ATR)/Qualified Mortgages (QM) provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act require lenders to make a reasonable, good faith determination of a borrower
TABLE OF CONTENTS Form Number Title / Description Page TIME CHART / ROUNDING FORMS LOAN ESTIMATE Loan Estimate and Closing Disclosure Time Chart 1 TILA RESPA Time Chart 3 Loan Estimate Rounding Chart 5
Regulation X Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act of 1974 () (12 U.S.C. 2601 et seq.) (the Act) became effective on June 20, 1975. The Act requires lenders, mortgage
Mortgage- and Lender-Related Settlement Costs Charges for Establishing and Transferring Ownership Amounts Paid to State and Local Governments "All-in-One" Pricing of Settlement Costs Estimates of Settlement
- In This Product Description This product description contains the following topics: Overview... 2 Related Bulletins... 3 Loan Terms... 4 Assumptions... 4 Eligible First and Second Mortgage Products...
This reference contains information to help you process Federal Housing Administration (FHA) mortgages and Department of Veteran Affairs (VA) mortgages using Loan Prospector. Information on FHA TOTAL Mortgage
This matrix is intended as an aid to help determine whether a property/loan qualifies for certain financing. It is not intended as a replacement for VA guidelines. Users are expected to know and comply
Category: Before & After (Revised Documents) Entry title: CFPB Loan Estimate Form Owner's organization: Consumer Financial Protection Bureau Organization type: Public sector / government Publication date:
Affiliated Mortgage Company Investor Tips: Conforming Max Debt Ratios -45%, regardless of AUS recommendation MI Companies Allowed : Genworth, MGIC, UG and Essent Minimum 720 credit score for LTV/CLTV/HCLTV
TRID Overview TRID effective October 3 rd, 2015 TRID Overview What is the Integrated Disclosure Rule? Combination of RESPA and TILA disclosures Purpose is to create disclosures that are easier to understand
FHA Streamline Refi Guidance for the mortgage professional FHA 50 bp Annual MIP reduction! January 2015 2 FHA 50 bp Annual (MIP) Reduction! January 2015 3 FHA Prepayment Penalty-Some Confusion About Prepayment