The Good Faith Estimate In Plain English
This is the best explanation I have seen thus far. Keep in mind that the GFE doesn’t take into account suitability i.e. how long they plan to live in the home, how long they plan on having the loan, reserves, children, etc. This needs to be done by the Mortgage Professional.
To view this document click on the link below and then “Respa Plain English 12-09.”