Three Good Faith Estimates- One Loan?

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Question:

Can a bank provide a customer with three Good Faith Estimates for one loan request? The customer wants a GFE for 95% LTV with PMT, one for 90% LTV in house; and one for 80% with 10/10. The trade off table will not work, since loan amounts are different. After receiving the three estimates, he will decide which one he wants.

Answer:

In this situation, you are really providing three GFEs for three loan product requests. If the page three comparison tables won't work, the best approach would be to issue separate GFEs. Make sure each one is absolutely complete and correct by itself. You can't point to another GFE and claim to have disclosed the fee there.

First published on BankersOnline.com 7/05/10