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Do I need to submit application/docs to get a GFE?

I'm looking to do a HARP refi quote, but when I contacted a few brokers they are asking me to fill out the full application as well send over all the docs (tax returns, bank statements,e tc.) tin order for them to get me a GFE/rate quote. Is this pretty much the norm these days?If my info was run already by another broker and I have the info to give them (such as income, credit score, DTI, etc.) can't they just give me a good estimate of the rate and closing costs based on that? Is it a good idea to be filling out all these applications and submitting all the docs to several lenders at one time or should they be able to at least give me a rough quote over email or phone? by rogerb from Temecula, California. Aug 6th 2012 Reply


Crestico Funding (CresticoFunding)
#3 ranked lender in California - 339 contributions

Hi Roger,We can give you a an estimated Rate and Quote as long as you provide us the necessary information such as Income, our rate will be based on the information that you provided and will be subject to document/information verification. if you are interested please feel free to contact our office at 310-348-7878 and talk to one our Mortgage Loan Originators. Thank you.

Aug 6th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

You can get a loan quote without applying, however because of the new laws in place for loan officers, they are "Bound" by the quote if they issue a GFE and TIL.. Any competent loan officer will not issue these without the full application and supporting documentation.. What you want to ask for is an "Initial Fee's Worksheet".. This gives you the info you need to shop without having to fully apply.. The loan officer is not bound by it and you don't have to have your credit run each time you apply.. My suggestion is to interview loan officers for their integrity vs. what rate they are offering.. Once you find a loan officer your comfortable with, you will have faith and trust in him that he will give you the most fair deal he can.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 6th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Based on today's disclosure requirements, a GFE/TIL provided without all the facts is as good as TP. In order to accurately disclose your true costs, which includes rates and fees, a competent Loan Originator will need all of your facts. Rates are driven by property type, credit score, geographic area and other factors. Programs, which are driven by type of HARP, can also impact rates and fees. Work with a local Mortgage Banker/Broker, rather than one of the big banks or national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of many lenders, not just those of one bank, which gives us access to better products than the big banks. If you want to make sure you are using an Originator that is experienced and ethical, and you do, check out their credentials at the National Mortgage Licensing System at www.NMLSConsumerAccess.org Loan Originators that are members of the National Association of Mortgage Professionals (www.NAMB.org) are bound by the Associations Code of Ethics. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Aug 6th 2012
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Greg Cowart (Cali_Loan_Guy)
#504 ranked lender in California - 9 contributions

Roger,Yes, that is pretty regular these days. The GFE rules have changed the last few years and lenders leave themselves at risk when they issue a GFE when they don't have a full application as they are bound to it regardless of if the information they have is correct.However most lenders should be able to give you all the important information you need to know if you give them the information you mentioned but not a "complete application".Basically GFEs don't go out anymore until they are required, but the information on a GFE can be in another format and any lender not willing to give you at least that with the information you are providing isn't worth your time talking to.Sincerely,Greg

Aug 6th 2012
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Gilbert Ramos (VAHOMELOANS)
#487 ranked lender in California - 54 contributions

Hi Roger B,A full loan application should not be a pre requiste to a GFE. The most documentation you should send over is a copy of a mortgage statement along with the fire insurance policy to calculate payoff of your old loan. My offices are here in Temecula, if you have any further questions, please feel free to call.Sincerely,Gilbert Ramos NMLS# 286678Mortgage Partners, Inc.43537 Ridge Park Dr.Temecula, CA 92590800-896-5333 Office(951) 551-0215 Cell

Aug 6th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Everyone is different some lenders will require a lot more info to make sure they are giving you a accurate quote. Without giving the lender everything you might get a quote and then once you do give them everything and if there are any differences at all you might get a different quote. So it is really up to you.

Aug 6th 2012
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Curt Tiedeman (curttiedeman)
#46 ranked lender in Washington - 28 contributions

Federal laws have changed for lenders and when we issue a Good Faith Estimate, we are bound by the terms, rate, fees, etc. Rate is determined using credit scores, so you have to have your credit pulled for a Good Faith Estimate. Many lenders will provide you with a worksheet that lays everything out all the numbers and rate based upon the information that you provide to the lender. The worksheets are non-binding and it gives you the ability to shop without applying for a loan.

Aug 6th 2012
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Blake Kleckner (BlakeK)
#5 ranked lender in California - 259 contributions

Is your loan owned by Fannie or Freddie? A GFE is just that--an estimate. An accurate one requires an accurate interest rate, which can only only occur when one is locked. It also requires knowing precisely which lender will be doing your loan. Lender fees vary from lender to lender by as much as $100 to $500. To expect a full blown GFE without making a commitment to the loan, is putting the cart before the horse. Basically, what you are really wanting to know is the cost and interest rate of your new loan, correct? That doesn't require a GFE. I can provide you with a very realistic estimate in a matter of minutes once you have given me the info I need to properly structure your loan. I could care less if you send me a single document. I will take you at your word. Of course, my calculations are completely predicated upon the accuracy of the info I receive. As long as everything checks out if we move forward with your loan, what I tell you will be what I deliver. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody

Aug 7th 2012
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No problem...I'm a Loan Officer in CA. I will supply you with a net sheet of rates, pricing and fees for your refinance. These take time to put together and that's why most people are not willing to issue them without some type of commitment from the borrower, but I will. William above answered you correctly. I would echo his comment. Contact us at www.mortgagewholesale.com. We go the extra mile and will help you find what you're looking for in your refinance.

Aug 11th 2012
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