Question

The __________ is a good-faith estimate of credit costs and transaction terms that replaces the HUD Good Faith Estimate (GFE) and the "early" Truth in Lending disclosure. a. Equal Credit Opportunity Report b. Uniform Residential Loan Application c. Loan Estimate d. Credit Report

Answer 1

c. Loan Estimate

Step-by-step explanation:

The loan estimate has replaced the Good Faith Estimate in 2015. Both documents are given by the mortgage lender to the consumer. The main purpose of the documents is for the customer to compare different offers from different lenders.

The main difference is that the loan estimate form is more comprehensive and understandable for the customers.