source:
  type: regulation
  id: reg-x-1024.7
  authority: 12 CFR §1024.7 — Good faith estimate (Regulation X)
  description: 12 CFR §1024.7 — Good faith estimate. Largely superseded by TILA-RESPA
    Integrated Disclosures (Reg Z §1026.19(e)/§1026.37).
  coverage_tier: superseded
obligations:
- id: reg-x-1024.7-full
  canonical_id: reg-x-1024.7-full
  section: 12 CFR §1024.7 — Good faith estimate
  type: reference
  tags:
  - regulator-direct
  - respa
  - corpus-expansion
  - tier-superseded
  primary_source:
    tier: 1
    authority: 12 CFR §1024.7 — Good faith estimate
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.7
    snapshot_id: 1957ec9c313ae55b
    fetched_at: '2026-06-17T17:21:37Z'
    content_hash: sha256:b9cb46cb2bf58f70fa528d81d8825e8875df8d3b4614783fa651cee6f7e96db2
    paragraph_quote: '§ 1024.7 Good faith estimate. (a) Lender to provide. (1) Except
      as otherwise provided in paragraphs (a), (b), or (h) of this section, not later
      than 3 business days after a lender receives an application , or information
      sufficient to complete an application , the lender must provide the applicant
      with a GFE. In the case of dealer loans, the lender must either provide the
      GFE or ensure that the dealer provides the GFE. (2) The lender must provide
      the GFE to the loan applicant by hand delivery , by placing it in the mail,
      or, if the applicant agrees, by fax, email, or other electronic means. (3) The
      lender is not required to provide the applicant with a GFE if, before the end
      of the 3-business-day period: (i) The lender denies the application ; or (ii)
      The applicant withdraws the application . (4) The lender is not permitted to
      charge, as a condition for providing a GFE, any fee for an appraisal, inspection,
      or other similar settlement service . The lender may, at its option, charge
      a fee limited to the cost of a credit report. The lender may not charge additional
      fees until after the applicant has received the GFE and indicated an intention
      to proceed with the loan covered by that GFE. If the GFE is mailed to the applicant
      , the applicant is considered to have received the GFE 3 calendar days after
      it is mailed, not including Sundays and the legal public holidays specified
      in 5 U.S.C. 6103(a) . (5) The lender may at any time collect from the loan applicant
      any information that it requires in addition to the required application information.
      However, the lender is not permitted to require, as a condition for providing
      a GFE, that an applicant submit supplemental documentation to verify the information
      provided on the application . (b) Mortgage broker to provide. (1) Except as
      otherwise provided in paragraphs (a), (b), or (h) of this section, either the
      lender or the mortgage broker must provide a GFE not later than 3 business days
      after a mortgage broker receives either an application or information sufficient
      to complete an application . The lender is responsible for ascertaining whether
      the GFE has been provided. If the mortgage broker has provided a GFE, the lender
      is not required to provide an additional GFE. (2) The mortgage broker must provide
      the GFE by hand delivery , by placing it in the mail, or, if the applicant agrees,
      by fax, email, or other electronic means. (3) The mortgage broker is not required
      to provide the applicant with a GFE if, before the end of the 3-business-day
      period: (i) The mortgage broker or lender denies the application ; or (ii) The
      applicant withdraws the application . (4) The mortgage broker is not permitted
      to charge, as a condition for providing a GFE, any fee for an appraisal, inspection,
      or other similar settlement service . The mortgage broker may, at its option,
      charge a fee limited to the cost of a credit report. The mortgage broker may
      not charge additional fees until after the applicant has received the GFE and
      indicated an intention to proceed with the loan covered by that GFE. If the
      GFE is mailed to the applicant , the applicant is considered to have received
      the GFE 3 calendar days after it is mailed, not including Sundays and the legal
      public holidays specified in 5 U.S.C. 6103(a) . (5) The mortgage broker may
      at any time collect from the loan applicant any information that it requires
      in addition to the required application information. However, the mortgage broker
      is not permitted to require, as a condition for providing a GFE, that an applicant
      submit supplemental documentation to verify the information provided on the
      application . (c) Availability of GFE terms. Except as provided in this paragraph,
      the estimate of the charges and terms for all settlement services must be available
      for at least 10 business days from when the GFE is provided, but it may remain
      available longer, if the loan originator extends the period of availability.
      The estimate for the following charges are excepted from this requirement: the
      interest rate, charges and terms dependent upon the interest rate, which includes
      the charge or credit for the interest rate chosen, the adjusted origination
      charges, and per diem interest. (d) Content and form of GFE. The GFE form is
      set out in appendix C to this part. The loan originator must prepare the GFE
      in accordance with the requirements of this section and the Instructions in
      appendix C to this part. The instructions in appendix C to this part allow for
      flexibility in the preparation and distribution of the GFE in hard copy and
      electronic format. (e) Tolerances for amounts included on GFE. (1) Except as
      provided in paragraph (f) of this section, the actual charges at settlement
      may not exceed the amounts included on the GFE for: (i) The origination charge;
      (ii) While the borrower''s interest rate is locked, the credit or charge for
      the interest rate chosen; (iii) While the borrower''s interest rate is locked,
      the adjusted origination charge; and (iv) Transfer taxes. (2) Except as provided
      in paragraph (f) of this section, the sum of the charges at settlement for the
      following services may not be greater than 10 percent above the sum of the amounts
      included on the GFE: (i) Lender -required settlement services , where the lender
      selects the third party settlement service provider; (ii) Lender -required services,
      title services and required title insurance, and owner''s title insurance, when
      the borrower uses a settlement service provider identified by the loan originator
      ; and (iii) Government recording charges. (3) The amounts charged for all other
      settlement services included on the GFE may change at settlement . (f) Binding
      GFE. The loan originator is bound, within the tolerances provided in paragraph
      (e) of this section, to the settlement charges and terms listed on the GFE provided
      to the borrower, unless a revised GFE is provided prior to settlement consistent
      with this paragraph (f) or the GFE expires in accordance with paragraph (f)(4)
      of this section. If a loan originator provides a revised GFE consistent with
      this paragraph, the loan originator must document the reason that a revised
      GFE was provided. Loan originators must retain documentation of any reason for
      providing a revised GFE for no less than 3 years after settlement . (1) Changed
      circumstances affecting settlement costs. If changed circumstances result in
      increased costs for any settlement services such that the charges at settlement
      would exceed the tolerances for those charges, the loan originator may provide
      a revised GFE to the borrower. If a revised GFE is to be provided, the loan
      originator must do so within 3 business days of receiving information sufficient
      to establish changed circumstances . The revised GFE may increase charges for
      services listed on the GFE only to the extent that the changed circumstances
      actually resulted in higher charges. (2) Changed circumstances affecting loan.
      If changed circumstances result in a change in the borrower''s eligibility for
      the specific loan terms identified in the GFE, the loan originator may provide
      a revised GFE to the borrower. If a revised GFE is to be provided, the loan
      originator must do so within 3 business days of receiving information sufficient
      to establish changed circumstances . The revised GFE may increase charges for
      services listed on the GFE only to the extent that the changed circumstances
      affecting the loan actually resulted in higher charges. (3) Borrower-requested
      changes. If a borrower requests changes to the federally related mortgage loan
      identified in the GFE that change the settlement charges or the terms of the
      loan, the loan originator may provide a revised GFE to the borrower. If a revised
      GFE is to be provided, the loan originator must do so within three business
      days of the borrower''s request. The revised GFE may increase charges for services
      listed on the GFE only to the extent that the borrower-requested changes to
      the mortgage loan identified on the GFE actually resulted in higher charges.
      (4) Expiration of GFE. If a borrower does not express an intent to continue
      with an application within 10 business days after the GFE is provided, or such
      longer time specified by the loan originator pursuant to paragraph (c) of this
      section, the loan originator is no longer bound by the GFE. (5) Interest rate-dependent
      charges and terms. If the interest rate has not been locked, or a locked interest
      rate has expired, the charge or credit for the interest rate chosen, the adjusted
      origination charges, per diem interest, and loan terms related to the interest
      rate may change. When the interest rate is later locked, a revised GFE must
      be provided showing the revised interest rate-dependent charges and terms. The
      loan originator must provide the revised GFE within 3 business days of the interest
      rate being locked or, for an expired interest rate, re-locked. All other charges
      and terms must remain the same as on the original GFE, except as otherwise provided
      in paragraph (f) of this section. (6) New construction home purchases. In transactions
      involving new construction home purchases, where settlement is anticipated to
      occur more than 60 calendar days from the time a GFE is provided, the loan originator
      may provide the GFE to the borrower with a clear and conspicuous disclosure
      stating that at any time up until 60 calendar days prior to closing, the loan
      originator may issue a revised GFE. If no such separate disclosure is provided,
      the loan originator cannot issue a revised GFE, except as otherwise provided
      in paragraph (f) of this section. (g) GFE is not a loan commitment. Nothing
      in this section shall be interpreted to require a loan originator to make a
      loan to a particular borrower. The loan originator is not required to provide
      a GFE if the loan originator does not have available a loan for which the borrower
      is eligible. (h) Open-end lines of credit (home-equity plans) under Truth in
      Lending Act . In the case of a federally related mortgage loan involving an
      open-end line of credit (home-equity plan) covered under the Truth in Lending
      Act and Regulation Z , a lender or mortgage broker that provides the borrower
      with the disclosures required by 12 CFR 1026.40 of Regulation Z at the time
      the borrower applies for such loan shall be deemed to satisfy the requirements
      of this section. (i) Violations of section 5 of RESPA ( 12 U.S.C. 2604 ). A
      loan originator that violates the requirements of this section shall be deemed
      to have violated section 5 of RESPA . If any charges at settlement exceed the
      charges listed on the GFE by more than the permitted tolerances, the loan originator
      may cure the tolerance violation by reimbursing to the borrower the amount by
      which the tolerance was exceeded, at settlement or within 30 calendar days after
      settlement . A borrower will be deemed to have received timely reimbursement
      if the loan originator delivers or places the payment in the mail within 30
      calendar days after settlement . [ 76 FR 78981 , Dec. 20, 2011, as amended at
      78 FR 10875 , Feb. 14, 2013]'
  judgment: false
