Good Faith Estimate and Itemized Fee Worksheet

Forms & Docs > GFE/IFW

IMPORTANT! The following information is only applicable to loans submitted prior to October 3, 2015.

 

The Good Faith Estimate/Itemized Fee Worksheet (GFE/IFW) screen allows users to prepare and disclose the borrower's Good Faith Estimate (GFE) and complete an Itemized Fee Work­sheet (IFW), with applicable user rights enabled.

 

For loans applied for on or after October 3, 2015, this document is now separate from the GFE or the Loan Estimate. There is now a workflow option with the Itemized Fee Worksheet (IFW). If a user has the user permission to edit the Itemized Fee Worksheet and only to print the Loan Estimate, they will see a new task in the left hand navigation titled IFW.

 

Initial access to the GFE/IFW, with the appropriate user right, will direct users to the Itemized Fee Worksheet view and display a Current Version – Not Saved. If the GFE/IFW is saved at any point, the display will change from Current Version – Not Saved to Current Version.

 

Tip: The GFE/IFW screen will be saved by clicking the Save or Save/Close buttons at the top of the screen or by simply accessing a new screen from the left-side navigation. If a user made changes to the screen but doesn’t wish to save them, they must click Cancel at the top of the screen.

 

The IFW is commonly used for Pre-approvals and/or Pre-qualifications; it’s intended for informational purposes and may be given to a borrower prior to a full application being taken. A disclaimer is located at the bottom of the print version of the IFW stating the following:

 

“THIS IS NOT A GOOD FAITH ESTIMATE. A Good Faith Estimate is provided pursuant to federal law upon the submission of a formal loan application. This “Itemized Fee Worksheet” is provided for information purposes ONLY to assist you in determining an estimate of cash that may be required to close and your proposed monthly mortgage payment.”

 

To access the print version of the IFW, click the printer icon beside Forms & Docs > GFE/IFW. A pop-up window will display indicating the print options of Print IFW and/or Print GFE, dependent on user rights enabled. Click Print IFW to display the print version of the IFW in a new window.

 

Within the edit version of the GFE/IFW, a blue hyperlink displays at the top of the screen titled Add New GFE Version/View Saved GFE Versions. Click on the hyperlink to open the GFE/IFW List screen which will display every IFW and GFE that has been saved or disclosed on this loan file.

 

At the top of the GFE/IFW List screen, a Borrower Summary hyperlink will be available for direct access to Borrower Summary screen in the event changes to the loan information must be made. (See the Borrower Summary chapter in LOS Help for detailed information on the Borrower Summary screen.)

 

The Add New hyperlink generates a fresh GFE/IFW template, reading from the current loan scenario to pull in the correct fees. This should be used when changing loan programs, products, location (state) of the property, or re-disclosing after making major changes to the loan application.

 

The Copy New hyperlink retains the original GFE Date and Fees and allows changes. It is helpful to update the GFE Label to distinguish versions (examples: Locked Rate or Change Loan Amount due to Appraisal).

 

A list of the GFE/IFW versions (saved and/or disclosed) are displayed with the following headings:

Label

Title of the GFE or IFW displays as a link that will display that version review only.

Edit

Opens the existing version of GFE/IFW, allowing the user to override changes and make edits. This option is only available to GFE/IFW options that have not been previously disclosed.

Compare with Current GFE

Compares the most recently saved GFE/IFW with the last disclosed GFE/IFW.

Disclosed

Displays the date and time the GFE was disclosed.

Print GFE

Opens the selected GFE in a printer friendly format for printing.

Print IFW

Opens the selected IFW in a printer friendly format for printing.

Copy

Copies the existing GFE or IFW data into a new, editable version. This should be utilized for making minor changes to a GFE/IFW and redisclosing.

Delete

Deletes the existing GFE or IFW form entirely. If the GFE form is disclosed there will not be an option to delete.

 

Tip: To exit the GFE/IFW List and return to the current GFE/IFW version, click the Edit hyperlink next to the current version (highlighted in Yellow) in the list of GFE/IFW versions. If this is the first visit to the GFE/IFW List and there are no current versions to choose from, select Forms & Docs > GFE/IFW to return the display to the current, unsaved GFE/IFW.

 

At the top and bottom of the GFE/IFW screen there are a maximum of 4 buttons displayed:

 

·         Click Disclose to disclose the current version of the GFE. (This button displays only when the IFW display has been converted to the GFE display on the screen.)

·         Click Save to save the current version of the GFE/IFW.

·         Click Save/Close to save the current version of the GFE/IFW and return the display to the Loan Dashboard.

·         Click Cancel to discard all changes made to the current GFE/IFW.

 

Tip: Disclosing the GFE within the LOS does not send initial docs to the borrower. The disclose action only records the time of disclosure and removes edit capabilities to the GFE so that the doc provider is directed to the correct GFE during documentation generation. See the chapters on Initial Disclosures for detailed instructions on how to request a disclosure package.

 

Each GFE and IFW can be labeled with a new name in the GFE/IFW Label field at the top of the screen. This can be used for tracking multiple IFWs and GFEs on a single loan file and help to identify each scenario on the GFE/IFW List screen.

 

The Convert IFW to GFE hyperlink is used to convert the Itemized Fee Worksheet to the Good Faith Estimate. All information entered on the IFW will flow to the GFE. The IFW and the GFE are comparable except the IFW will display the Summary of the Lead section and the GFE displays the Important Dates and Summary of the Loan sections about the fee line sections. After converting the IFW to the GFE, the Convert IFW to GFE hyperlink will be renamed as Convert GFE to IFW, allowing the user to toggle back and forth between the two views.  

 

The borrower and property information auto-populates within each corresponding field from screens previously completed but can be updated as needed. The Loan Number cannot be edited on this screen. If a change is required, it must be completed within Actions > Edit Loan Number, with the applicable user right enabled.

 

The Estimated Closing Date and Estimated First Payment fields need to be manually entered, unless previously entered elsewhere in the loan file:

 

·         The Estimated Closing Date will auto populate if completed on the Forms & Docs > 1003 > Other Data > Estimated First Payment Date field, and will automatically transfer to the 1003 if completed on the GFE/IFW. This field is required to be completed to order initial disclosures from the doc provider.

·         The Estimated First Payment date will auto populate if previously completed on the Forms & Docs > TIL > Estimated First Payment Date field, and will automatically transfer to the TIL screen if completed on the GFE/IFW.

 

The Institution and Institution Address fields may or may not be editable based on the permissions set in the Admin site.

 

Tip: Information previously entered on the Borrower Summary and the 1003 that relate to the GFE/IFW will automatically transfer into the appropriate fields throughout the GFE/IFW.

 

Tip: Date fields may be entered manually or by utilizing the calendar icon to the right of the field.