Final answer:
The HUD-1/Good Faith Estimate can be revised through the newer forms of the Loan Estimate and Closing Disclosure per the TILA-RESPA Integrated Disclosure guidelines that replaced them.
Step-by-step explanation:
The changes that can be made to the HUD-1/Good Faith Estimate (GFE) involve revisions to the initial loan estimate provided to the borrower by the lender. The HUD-1 settlement statement and Good Faith Estimate were replaced by the Closing Disclosure and Loan Estimate forms required by the Consumer Financial Protection Bureau (CFPB) as part of the TILA-RESPA Integrated Disclosure (TRID) guidelines that took effect on October 3, 2015.
Before these changes, the HUD-1 was used to itemize all charges imposed upon the borrower and seller during a real estate transaction, and the GFE provided estimates of those charges. Lenders are required to issue a Loan Estimate within three business days of receiving a mortgage application, detailing the estimated costs associated with the mortgage. If there are changes to the loans terms or if the actual costs differ from the estimates, a revised Loan Estimate can be issued. Similarly, the Closing Disclosure, which replaced the HUD-1, must be given to the borrower at least three business days before closing, and it should accurately reflect the final terms and costs of the transaction.