The Department of Housing and Urban Development (HUD) recently approved a final rule that completely overhauls the requirements of Regulation X, the implementing regulation for the Real Estate Settlement Procedures Act (RESPA). The changes are huge and the impact on your institution will be substantial. The transition period ends January 1, 2010.

The 2010 version is available now. The new three-page Good Faith Estimate form software and the new instructions for preparing the form are available.

A Good Faith Estimate is a lender's proposal as to what your closing costs and loan fees will be associated with your real estate financing request.

A lender is required by the federal Real Estate Settlement Procedures Act (RESPA) to provide a prospective home buyer with a good faith estimate of the fees due at closing within three days of applying for a loan. These mortgage fees, also called settlement costs, cover every expense associated with your home loan: inspections, title insurance, taxes and other charges.  An accurate Good Faith Estimate is essential for a prospective home buyer to make a informed decision about the exact settlement costs.

Good Faith Estimate Software automates preparation and printing of the Good Faith Estimate. The program displays the entire form on the screen in a scrollable format. Information is entered from your keyboard as it would be typed on the form itself.  All calculations are updated instantly as the data is entered. We do the math!  You can override any calculated result to produce the final output you need.

The Good Faith Estimate prints the complete form on letter (8 ½ x 11 inch) or  legal (8 ½ x 14 inch) size paper with any Windows supported printer. Print preview is built-in. Data entered may be stored/saved anywhere on your hard drive, to a shared network drive, or to external diskettes as a .GFE file for quick retrieval.  

Additional features include:

• Sure-store client management system.
• Easily transport data from one computer to another or across a network.
• Simple tax prorate software built-in.
• Amortization software built-in.
• Override text on the form itself or set text as default.
• Option to create PDF files which can be transmitted electronically or eFax.

The software has a lot of other great features.  We also offer:

• FREE Technical support within first year from purchase date!
• FREE Updates within the first year from purchase date!

You can download the software from this website, or we can e-mail you the software.  When you order, we mail out a CD with the software along with other titles.

All of our software functions on any Windows operating system. The software has been tested on Windows 95, 98, 2000, NT, ME (millennium edition), XP, 2003 and Windows Vista. The software functions on networks or stand-alone personal computers and is compatible with all printers.

Each line of a Good Faith Estimate is discussed here:

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