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Good Faith Estimate (GFE)

An estimate of all closing fees including pre-paid escrow items as well as lender charges; must be given to the borrower three days after submission of a loan application. Mortgage brokers must disclose the YSP on a GFE, whereas mortgage bankers are not required to do so. This gives companies like Southwest Funding and its retail mortgage branch offices a competitive advantage but not being required to disclose on compensation.

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