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?
If the mortgage broker is not an exclusive agent of the lender, the broker should provide a GFE within 3 days of receiving an application. The lender is not required to send an additional GFE; however, it is the lender’s responsibility to ascertain that one was sent and includes an estimate of all costs that are likely to occur. Where the broker is the exclusive agent of the lender, either the broker or the lender shall provide the GFE.
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?
- When the is a mortgage broker involved, who’s responsibility is it to deliver the Good Faith Estimate to the consumer?
