Form used by Residential Construction Department

End Loan/Purchase upon Completion GFE Disclosure

This new construction loan is not scheduled to close within the next 60 days. A revised Good Faith Estimate (GFE) will be issues no later than 60 days prior to closing, and may result in a change in loan terms and/or settlement charges.

If this loan is subject to a Commitment Fee collected at the time of loan approval, this fee will be credited to closing costs at the time of closing.

Scenario 1 – Loan amount to increase
Scenario 2 – Additional Inspection fee has been added for completion

Do we re-disclose and wait 60 days to close? Or;

Do we re-disclose and wait 3 days?

The letter you reference is only effective for the first GFE disclosure on a construction loan so that you can update prior to 60 days from closing (however you know when that is! LOL)

If your loan amount increases, you can redisclose as a CC within 3 days of that knowledge. I would have thought you would have known to begin with that a final would be required, so I'm skeptical on adding that later...seems to me you missed the boat. Forgetting a fee all together is different than market conditions/pricing changes that may occur over the long term of construction and is why HUD allowed for this re-disclosure.

GFE redisclosure does not have a required 3 day wait.