Are amounts paid by mortgage lenders to mortgage brokers disclosed on the Good Faith Estimate (GFE) of settlement costs?
Any fee or payment received by the mortgage broker from either the lender or the borrower arising from the initial funding transaction, including a servicing release premium or yield spread premium is to be noted on the GFE and listed in the 800 series of the HUD-1 Settlement Statement. Refer to Appendix B to Part 3500 of HUD’s Regulation X (Illustrations of Requirements of RESPA) for additional guidance.
Related Questions
- Where a mortgage broker is used, is it the mortgage brokers responsibility to provide the Good Faith Estimate (GFE) to consumers, or is that the lenders responsibility?
- Are amounts paid by mortgage lenders to mortgage brokers disclosed on the Good Faith Estimate (GFE) of settlement costs?
- What is a Good Faith Estimate or GFE?
