Avoiding all GFE miscommunications is easy if you have a system to easily and effectively communicate  the changes.

Our GFE Information communicator provides a simple system to communicate all GFE transactions and  changes to them.

Here is how it works:

Originators working in LoanMgr create the GFE information in the loan record.

Originators are trained to properly estimate all costs of the transaction down to the cash required at closing.

The Processor then creates the GFE in the processing program and delivers the GFE to the customer with  the loan package.

As the loan proceeds the Originator modifies information in the loan record and at the point a GFE change  is required notifies the Processor to reissue the GFE

When a final HUD is produced the information on it is compared and reconciled to the revised HUD and any  differences explained to the customer.

Information can be communicated via e-mail as follows:

Upon delivery of the initial GFE each originator sends a follow-up e-mail documenting the GFE amounts  and changes to those amounts.  This e-mail is not the GFE and is not designed to replace anything on the  GFE or its required disclosures.  It is only meant to be an explanation of how the changes in the GFE  could affect closing costs and the amount of cash at closing

Our system creates a listing of each of the closing items contained on the HUD and lays out in a simple  format each of the costs as originally stated.  It then provides a complete reconciliation to the borrower.