Is anyone else using a separate "Loan Cost Worksheet" that they give to potential applicants prior to issuing a GFE? We've developed a worksheet that we have not started using yet (it has the "This is not a GFE" statement on it and outlines the fees/costs that could be incurred).

Here is my question for those that may be using something similar.....are you keeping a copy of this in the loan file?

We keep a copy in our file so that we can have a break down of the fees quoted on the GFE. We sell our loans on the secondary market and our lenders require that we provide them a loan fee sheet.

We are in pretty much the same situation as RolTyde. We issue a worksheet prior to obtaining an address and then we issue an updated worksheet once the address is actully obtained along wiht the GFE. As RolTyde said, this is used to show an itemization of the fees that make up each category as well as giving a cash to close scenario with seller paid fees taken into account. And we do retain this in the loan file as our investors also require it. One interesting note is that our software provider originally had all the line item numbers on the worksheet, but they recently removed them presumably upon HUD's advice.

If you haven't viewed HUD's archived RESPA webcast from 3/18/10 and its materials, you might want to do so. HUD discussed worksheets.

http://link.onlinevideoservice.com/hud/2010/0318/Respa20100318-1.wmv

http://www.hud.gov/offices/hsg/ramh/res/respaimplement03182010.ppt