CFPB Addresses Issuance of Multiple GFEs, Tolerances
February 28, 2012
Many lenders believe the 2008 RESPA rule requires them to reissue a Good Faith Estimate (GFE) every time it’s discovered the actual amount of a third-party charge exceeds the estimate in the GFE, even if the increase is less than 10 percent. As a result, lenders may be reissuing GFEs unnecessarily. Read on to find out what the CFPB is considering to eliminate the issuance of multiple GFEs, as well as proposals to modify tolerances.
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