Finance
The 'Good Faith Estimate' (now replaced by the 'Loan Estimate') was designed to:
ALock in the final closing costs for the buyer
BGive borrowers an early estimate of loan terms and closing costs✓ Correct
CReplace the appraisal requirement for conforming loans
DGuarantee the interest rate for 60 days
Explanation
The Loan Estimate (which replaced the GFE under TRID) is provided within 3 business days of loan application and gives borrowers an estimate of loan terms, monthly payments, and closing costs.
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