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Date: | Mon, 15 Jun 2009 15:16:29 -0400 |
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>Is the GFE (HUD-GFE) form (Good Faith Estimate) generated prior to a
>determination being made by the lender to approve a loan? IF so, what
>is the retention? If not, want is the retention of a GFE form if the
>loan is declined, withdrawn or cancelled?
Fred-
With the preface being "HUD", this form must be related to a home loan, or
other property type loan. Past discussions have indicated there are some
specific state-to-state requirements for the form, format, and period of
retention of these documents. In some cases, they apply to loans issued but
subsequently transferred, and in others they do not.
An NAFCU position paper submitted
http://shrinkster.com/Track.aspx?AddressID=177u related to RESPA and subject
documents a year ago was recommending a 25 month retention be established
for non-issued loans, but I did not see a response from HUD to this
However, your mileage may vary...
Larry
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