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What are a Good Faith Estimate and the Truth-in-Lending Disclosure Statement?

April 26, 2017disclosure estimate faith good truth-in-lending

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What are a Good Faith Estimate and the Truth-in-Lending Disclosure Statement?

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Within three days of receiving your loan application, the lender must provide you with the Good Faith Estimate -an estimate of the final closing costs to be paid at the time the loan is funded.The lender must also provide you with the Truth-in-Lending Disclosure Statement – your estimated monthly payment and the APR of your loan. It is important to carefully review these documents and compare them with the final loan documents on the day of closing before signing the final loan documents.Truth-in-Lending and Good Faith Estimate discrepancies are common violations our team of attorneys find in a Comprehensive Loan Audit Report.