GFE

GFE generates accurate Good Faith Estimates, which can be saved on your Palm handheld device for future reference.

Tap on your hand held’s Application’s Launcher symbol.  You will see program icons on the screen.	Click on the “GFE” icon and you are taken to the program.	.  Tap on any of the names or figures at the top of the page to set values.  In this case  we have tapped on the word “Price”.  Enter the home price and tap “OK.”  Mortgage, Rate, and Term are entered the same way.
Go down to “Origination” and tap on it.  The resulting screen gives you a choice of “Rate” or “Fee”.  Normally the Loan Origination Fee is a percent of the loan, so “Rate” is selected.  Tap “OK”.	As shown above, the Origination value is entered as 1, which represents 1%.  Note that the dollar amount of 1000.00 is also shown on this screen.  After entering your value, tap “OK.”	You are now back at GFE’s main screen.  To include the Origination Fee as part of the buyer’s fees tap the check box in the left column.  Note the “Total” field in the bottom right of the screen.
Now, tap on the word “Appraisal”. This figure shows the “Appraisal” screen.  Enter the amount of the appraisal and then tap “OK”.	Tap the “Appraisal” checkbox on the main screen and the appraisal amount will be added to the “Origination” fee.	Scroll down to Prepaids.  Note that the total of all previous fees “checked” always remain on the main screen.  Tap on the word “Interest” (amount of daily interest for the mortgage).
By selecting “Rate” on the Interest Screen, the program calculates the daily amount.  Now enter the number of days of interest and GFE calculates the total.	As shown above, change the number of days of interest to “23” and note that the total value has increased.	After tapping the checkbox for Interest, GFE’s total increases.
Next, under the Reserves category, tap on the word “Hazard Insurance”.  A standard 0.5 Rate estimate factor is used when the actual amount is not known.  The amount per month calculates to $41.67.	If the amount of Hazard Insurance per month is known, select “Fee” from the pull down menu and write in the monthly amount.  As shown, the amount used is $37.00 per month.	Check the box for Hazard Insurance and that fee is added to the total.
Now, tap on “Mortgage Insurance” and the screen shown above appears.  You may let the program calculate the amount by selecting FNMA, you may use your own MI Rate, or use a Fee amount.	Tap on “County Tax” to get into its screen.  A standard default rate is “1.5” nationwide.  However, in your part of the country a lower factor is used.  Tap “Rate” and then write in your value.	The factor you’ve chosen is “0.7”.  Write in “0.7” on the Rate line, then tap behind the value, and a new Total value is calculated.
If you know the actual monthly taxes, select “Fee” and write in the amount on the Fee line.  Ensure that you’ve written in the correct number of months (If unsure, contact your title or escrow agent).	This figure shows the various options available for selection under the Title category.  Please note that GFE is designed to use in all States and you will probably not use all fees in any one State.	Above are shown the fees listed under the Government category.  If you charge a fee that does not have a name assigned, place it under one of the “Other” fields.
“Additional” fees.  Check only the ones you want to use.	The fields under Lender.	Origination, Discount, and Broker Fee are normally written as a percent of the mortgage amount.  All other Lender fields are written as Fees.
After you have check marked all of the appropriate fees GFE can determine the amount of funds for the buyer to bring to closing.  Tap on the “Closing” button at the bottom of the screen.	The “Closing Funds” screen is now displayed as shown above.  The “Total To Close” figure is the sum of the down payment and closing costs.	With GFE you can set any number as a default value by entering the number and tapping “Set Defaults.".  After changing values you can recover these settings by tapping “Use Defaults.”
Tapping “Reset” zeroes out the basic values and removes all checkmarks, while leaving the default fields intact.	Note the “Save to Memo” under Options.  Your work in GFE can be saved for use later or for printing.