Is a lender required to disclose what the monthly PMI charge will be on the good faith estimate?
Yes, when the application or loan product indicates that this will be a charge on the final loan. The Good Faith Estimate is just what the name implies, an estimate of the charges the consumer reasonably believes will be owed on their final loan. The Good Faith is given early in the application proces, so if the loan moves from one not requiring private mortgage insurance to one that does, this may be left out, but it is a common field on Good Faith Estimate forms as well as the final settlement costs form. It is also in the calculation of the finance charge as PMI is a cost of credit.
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Yes, when the application or loan product indicates that this will be a charge on the final 