What are the GFE (good faith estimate) items?


GFE (good faith estimate) items show the charges associated with a loan. A GFE has to be provided by the lender or mortgage broker to the client within three business days after a request is submitted. Comparing GFE (good faith estimate) items on different GFEs helps determine the best lender quote for the borrower.

GFE items' costs are going to differ from the final costs on the HUD-1 statement. Although US lenders and brokers are required to provide GFEs (good faith estimates) according to Real Estate Settlement Procedures Act RESPA, there is no legislation demanding that lenders take responsibility for the GFE (good faith estimate) items costs, and final closing costs often are quite different. Although it is true that there are costs lenders couldn't possibly control, at the same time there are charges lenders could exaggerate less, or be more specific about at the time of the loan application.

GFE (Good Faith Estimate) Items

GFE (good faith estimate) items are numbered the same way they appear on the HUD-1 statement.

Items Payable in Connection with the Loan
Loan origination fee 801
Loan discount fee 802
Appraisal fee 803
Credit report 804
Inspection fee 805
Mortgage broker fee 808
Tax related service fee 809
Processing fee 810
Underwriting fee 811
Wire transfer fee 812
Items Required by the Lender to Be Paid in Advance
Interest for .... Days at $........ per day 901
Mortgage insurance premium 902
Hazard insurance premiums 903
VA funding fee 905
Reserves Deposited with Lender
Hazard insurance premiums 1001
Mortgage insurance premiums 1002
School tax 1003
Taxes and assessment 1004
Flood insurance 1005
Title Charges
Escrow fee 1101
Abstract or title search 1102
Title examination 1103
Document preparation fee 1105
Notary fee 1106
Attorney's fee 1107
Title insurance 1108
Government Recording and Transfer Charges
Recording fees 1201
City/County tax / stamps 1202
State tax 1203
Additional Settlement Charges
Survey 1301
Pest inspection 1302
Other fees  
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