Quick Start Guide for Good Faith Estimate (GFE) Entries and New 2010 Settlement Statement Features
Enter Settlement Charges: All settlement charges to be paid at closing may be entered in the HUD LITE Borrower's Expenses column or the Seller's Expenses column. Alternatively, you can also use the automatic calculation features provided for such items as transfer taxes and recording fees. For expenses paid outside of closing, HUD LITE lines have a POC box to enter the amount and a drop-down to select who paid for the POC item.
POC charges are included on the GFE comparison page if you select from the drop-down list that they were paid by borrower/buyer .
Automatic Printing of Notations: Where required, charges entered in the HUD LITE Borrower's Expenses column will automatically be printed as notations "outside of the columns"; totals for the notation amounts are carried over to print "inside the columns".
Automatic GFE Line Numbers and Comparison Page Categories: Where required, for all standard entries HUD LITE will automatically assign a Good Faith Estimate (GFE) line number to borrower charges, and by default places each charge in the "can change" category of the GFE Comparison Page (for settlement service providers that were not on the lender's list of providers).
Enter GFE Estimated Amounts: Under the GFE program tab, for each settlement charge enter the corresponding amount from the lender supplied Good Faith Estimate.
Changing the GFE Line number or Category for the GFE Comparison Page: Where required, from the GFE drop-down menu select a GFE line number and/or the "change 10%" option category to indicate that the provider was obtained from the lender list of settlement services providers selected or identified by the lender and therefore the charge may only increase up to 10% above the Good Faith Estimate amount.
Non-Standard Entries: The lines in the 1500 section and lines 904, 905, 1110, 1111 and 1112 may be used for various purposes. For those lines you should use the GFE drop-down list to select the GFE line number and comparison page category (either the "change 10% category for providers selected or identified by the lender, or the "can change" category for providers not on the lender's list).
GFE Entries - Step-by-Step Instructions
GFE Entries - General Instructions for Borrower and Seller Entries
GFE Entries - Explanation of Requirements