Compliance

Compliance Q&A: Good Faith Estimate Clarifications

HUD provides needed guidance.

August 26, 2010
KEYWORDS services , settlement
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A: False. According to the Department of Housing and Urban Development (HUD), when a loan originator limits a borrower's choice to a particular settlement service provider or permits a borrower to shop for settlement services from a limited list of service providers, the estimated charges for such services must be documented in Box 3, "Required services that we select," on the GFE.

Find this clarification in HUD's first edition of "RESPA Roundup," which provides helpful RESPA information to consumers and the lending industry.

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