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Good Faith Estimate (GFE) Entries - General Instructions for Borrower and Seller Entries

General Instructions for Seller entries:

Seller settlement charges that are not included in the borrower's Good Faith Estimate (for example, seller's own closing costs) should always be entered as a charge to seller in the HUD LITE "Seller's Expenses" column along the right hand side of the settlement statement. (In Alta Star HUD LITE, the boxes that print in the columns have a white background.)

If the seller pays for a settlement charge that was included in the borrower's Good Faith Estimate, (for example, where the seller agrees to pay part of borrower's closing costs) the full amount should be shown as a charge to the borrower in the HUD LITE Buyer's Expenses column; next, enter a credit to borrower and offsetting charge to seller on page one of the settlement statement using lines 206 to 209 (credit to borrower) and 506 to 509 (charge to seller).

General Instructions for Borrower entries:

Settlement charges to borrower should be entered in the HUD LITE "Buyer's Expenses" column or in a POC box. Where applicable (when the item is a "detail" line entered into a box with a colored background), the amount will print as a notation outside of the settlement statement columns and will automatically be added to the appropriate line in the columns of the printed settlement statement.

Related Links:
Quick Start Guide for Good Faith Estimate (GFE) Entries and New 2010 Settlement Statement Features
Good Faith Estimate (GFE) Entries - Step-by-Step Instructions
Good Faith Estimate (GFE) Entries - Explanation or Requirements