Good faith estimates, also known as "Loan Estimates," are forms created to itemize the fees associated with purchasing a home.
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In this video, Robert Rico defines loan estimates and how they are applied today.
Here's a quick history lesson. Loan estimates were originally called "good faith estimates." The Real Estate Settlement Procedure Act (RESPA) was passed in 1974 to help homebuyers become more informed when they purchase land.
From these series of laws, the good faith estimates were created to help buyers learn the costs associated with their real estate purchase.
Then in 2015, the TILA-RESPA Integrated Disclosure Rule created additional resources to better inform the homebuyer. This changed the good faith estimate name to loan estimates.
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