Are you still troubled by fees on the GFE 2010?
You may have noticed that most fields on the Good Faith Estimate do not allow you to directly enter the data because the information will populate from other forms, such as the Initial Fees Worksheet and Truth-In-Lending. But you cannot depend solely on these forms to populate your GFE.
Several fees in the 1300 series section of the Initial Fees Worksheet do not transfer to the GFE 2010 because they could either be a required fee or “shop-able.” Those particular fees, which are needed for your cash-to-close calculations, must be entered directly on the GFE 2010 in block 3: “Required services that we select” or block 6: Required Services That Borrower Can Shop For.
In Block 3, you must identify each 3rd party settlement service you require and select (excluding title services), along with the estimated price to be paid to the provider of each service. The charge shown in this block is subject to an overall 10% tolerance.
In Block 6, you must identify each 3rd party settlement service required that your borrower can shop for and select (excluding title services), along with the estimated charge to be paid to the provider of each service. The charge shown in this block is subject to an overall 10% tolerance. Charges that are part of the sales contract, but are not required by the lender, are not disclosed on the GFE. If you expect the appraisal report will reflect a recommendation for pest inspection, roof inspection, septic tank inspection, etc., the required inspection will need to be disclosed on the GFE in Block 6. Also, a Settlement Service Provider List must be provided for any fees included in Block 6.
There are additional fees in Section 1300 that are not required on the GFE at all but you need them to calculate cash-to-close.