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Home >> Lending >> Home Mortgage
Good Faith Estimate Seems Incomplete
I recently asked if PMI must be disclosed on the GFE. Upon being told yes, I have a couple other questions. In my good faith packet it shows possible companies that will provide PMI(no estimate amount listed, only company info), but on the actual good faith and early TIL, it is not listed, nor are my taxes and insurance. We were given a verbal PMI premium amount, however the actual monthly premium for PMI is quite a bit higher than the verbal quote. Do we have any recourse for the discrepancy since the charge was not disclosed in the good faith estimate? If so, where should we begin? Our loan was sold from the original lender.
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 The Good Faith Estimate is an estimate. The details of your loan application and any changes made during the process of approval are unknown. If circumstances changed you may have gone from not needing PMI, to needing it.
It must be assumed that the PMI was properly disclosed on the closing documents and you were advised of the costs before you signed the agreements. This could certainly negate any harm based on the early disclosures, but might open a claim to deceptive practices if, for some reason you felt you had to close that loan with more costly terms than were anticipated.
If you feel you were faulted in some way, get a clarification from the lender and servicer and if they don't provide you with a reason for the differences, ask them who their regulator is and contact them. They should have the information you need and a point of contact. These are all no-cost ways to approach this. What you want out of this, and what you get may truly depend on the accuracy of the final papers you signed in your agreement.
Published on BankingQuestions.com 9/24/08
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