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When are brokers required to release GFE and TIL

We've been dealing with a local (california) broker for a HARP2 refi and he's had all of our tax documents, bank statements and employment history for well over a month. He ran our credit and we signed a loan app (Universal Residential Loan Application) a couple weeks ago. At what point is he required to provide the GFE and TIL? He's saying that he "can't disclose the TIL until 3 days after application." What does this mean? Seems he want's me to commit based on a 'fees worksheet' that he gave us last week before giving us the GFE and TIL? Is this right? How can I shop a loan if I have to commit to each one before getting the disclosures? Thanks for your input. by lawren_968_511 from Vallejo, California. Aug 15th 2012 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

The Fee's worksheet has everything necessary to properly "shop" for a loan.. The numbers on the GFE will totally distort and confuse most people.. I've seen Loan Officers who have been in the business for 20 years and they cannot decipher the new GFE.. Not to say that you won't understand it, but the real numbers are on the Fee's Worksheet.. The difference is once he issues a GFE and TIL.. Most of the fees will be "Locked In" where if he only gives you a Fee's worksheet, then those numbers can change.. The GFE and TIL must be sent to you within 3 days of your application.. Not wait 3 days, then send it.. The definition of an "application" is .. Once the lender has your Name, Address, run credit, has received your proof of income, and you have signed the 1003 (residential loan application), then he must give you a GFE and TIL within 3 days of your signature.. 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 15th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

The GFE and the TIL are required to be provided to an applicant within three days of receipt of sufficient information to constitute an application. On a refinance where you have provided them the property Address, our tax returns (which include your social security number, there is no reason for them NOT to have sent you a GFE/TIL already. As for you being committed to them, you are not. California law allows you to withdraw an application from a lender at any time. The fact that he is giving you a BS reason for why he didn't get it to you timely tells me he is either incompetent or unethical. Either way, I would advise using someone else. You should check out his credentials at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Aug 15th 2012
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Antonio Ramos (casagrande)
#392 ranked lender in California - 7 contributions

He needs to send 72 hours after application, application is considered once he has your income documents and the property identified, wich in this case is a refi. GFE is long overdue.

Aug 15th 2012
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Anthony Hood (tony@equityinvestmentcapital.com)
#173 ranked lender in California - 1,141 contributions

Well I am sure he is using CMG as the the lender and right now there is a 2 month wait to even hit an underwriters desk. so you should see the lender disclosures about 3/5 days before that point. now he should have sent his own MLDS (Mortgage Loan Disclosures) and TIL. but he is not going to be able to lock your rate till that approval comes in. all the banks have so many overlays and there are very few that allow for what the government intended. so the few that do are extremely backed up right now

Aug 15th 2012
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Mike George (Mike George)
#139 ranked lender in California - 7 contributions

Once a loan originator has a complete application, they are required to provide a Good Faith Estimate within 3 days of the application.

Aug 15th 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

the rule is 3 days after he pulled credit, and received your documents , he needs to give you a gfe and til... if anything changes, he simply re-discloses... i think that I would look around.. a lot of loan officers are afraid, especially if they are newer to the business world, the gfe scares them. since if he puts down something that is not correct on fees, he has to cover them.. i would really question why, since he should have pulled your credit, you signed a application, and you are entitled to a gfe.. linda 25 yrs in this business, and I am still here!! yourloanpartnerforlife@live.com

Aug 15th 2012
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Joe LaVallie (joe.lavallie)
#68 ranked lender in Washington - 125 contributions

The credit report and loan application are the triggers. You should already have the documents. Call the manager.

Aug 15th 2012
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Bill Cook (loanpro)
#664 ranked lender in California - 43 contributions

You should have had it by now. This person is licensed? Ask for a copy of your credit report and shop around. Or just find another one and ask for a seasoned loan officer and confirm that you will get a TIL 3 days after the app

Aug 17th 2012
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Brian Paris (bparis)
#630 ranked lender in California - 51 contributions

Send me your info, if you qualify for HARP I can have it done by the end of the month. I can send you a GFE today. My email is bparis@mhmb.com and my cell is 925-698-1114. You should have all the paperwork already and yes we can run concurrently with your broker so you don't need to cancel the progress he has made if any.

Nov 3rd 2012
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