BOFI Federal Bank
Good Faith Estimate Guidance
and Samples
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Table of Contents
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Page 1 of GFE: Slide 3-5
GFE - Lender Paid Comp with Rebate : Slide 6-7
GFE - Lender Paid Comp with Discount: Slide 8-9
GFE- Lender Paid Comp at PAR : Slide 10-11
GFE - Borrower Paid Comp with Rebate: Slide 12
GFE - Borrower Paid Comp with Discount: Slide 13-14
GFE Fees Block B: Slide 15-16
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Correct Way to Complete Page 1 of GFE
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Loan amount on GFE must match the loan submission.
Loan term must be correct - 20 or 30 years
Can your interest rate rise? Check Yes for any ARM Products.
Can your loan balance rise? Check No.
Can your monthly amount for PITI rise? Check Yes for any
ARM Products.
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Correct Way to Complete Page 1 of GFE
continued
 Do you have a balloon payment – No must be checked
 See example of GFE - Page 1 for a 5/1 ARM below:
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Example of GFE for a Lender
Paid Transaction with Rebate
 BOFI Federal Bank pays a fixed 1.0 % origination for all Lender Paid
transactions.
Example:
 GFE for a loan amount of $1,000,000
 Block 1 of GFE would read $10,000 plus BOFI’s lender fee of $1,145 =
$11,145
 Block 2 of GFE should have a corresponding credit of $10,000, plus or
minus the rebate or discount amount.
 So if the rebate is $500, this would be added to the $10,000 credit for a
total of ($ 10,500)
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Continued
See example below:
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Example of GFE – Lender Paid Transaction
with Discount
 BOFI Federal Bank pays a fixed 1.0 % origination for all
Lender Paid transactions.
Example:
 GFE for a loan amount of $1,000,000
 Block 1 of GFE would read $10,000 plus BOFI’s lender fee
of $1,145 = $11,145
 Block 2 of GFE to have a corresponding credit of $10,000,
plus the discount amount. For this example the Discount
is 1.0% or $10,000 – so Block 2 would be $0.00. See
example below
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Lender Paid with Discount continued:
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Example of GFE – Lender Paid Transaction
at Par
 BOFI Federal Bank pays a fixed 1.0 % origination for all
Lender Paid transactions.
Example:
 GFE for a loan amount of $1,000,000
 Block 1 of GFE would read $10,000 plus BOFI’s lender fee
of $1,145 = $11,145
 Block 2 of GFE to have a corresponding credit of $10,000,
 As loan is at par there is no rebate or discount
 See example below
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Example of GFE – Lender Paid Transaction
at Par
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Example of a GFE for Borrower Paid
Transaction with rebate
 Maximum total origination charge allowed on a Borrower paid
transaction is 2.0% of loan amount. (This includes processing, admin fees,
etc.)
 So if Broker is charging a 1.0% origination fee on a million dollar loan, plus
$500 processing and $500 admin fee, these fees will be reflected in Block
1 of the GFE as 10,000 + 1000 + 1,145(Bofi Lender Fee)=12,145
 Any rebate or discount will be reflected in Block 2 of GFE – see example
below of $500 rebate.
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Example of GFE for Borrower Paid Transaction
with Discount
 So if Broker is charging a 1.0% origination fee on a million dollar
loan, plus $500 processing and $500 admin fee, these fees will be
reflected in Block 1 of the GFE as 10,000 + 1,000 + 1,145(BOFI
lender fee) =12,145
 The discount will be reflected in Block 2 of GFE – see example
below of $500 discount.
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Continued
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Example of GFE with Trust Review Fee
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Example of GFE with Pledged Asset Fee
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GFE Fees Block B
 Lender Paid transactions: Do not allow for Broker fees such as
processing or admin fees – only tangible fees such as credit report and
flood fees are allowed.
 Borrower Paid transactions: Maximum total origination charge
allowed on a Borrower paid transaction is 2.0% of loan amount. (This
includes processing, admin fees etc.)
 Minimum loan amount is $300,000.
 BOFI Lender fee of $1,145 must be disclosed in Block 1
 If borrower will pledge assets, there is a Pledged Asset fee of $250 to
be reflected in Block 1 of the GFE.
 Loans vesting in entities such as a Trust or LLC, must reflect a fee of
$250 is Block 3 of the GFE.
 We require 2 appraisals for a loan amount over 1 million, so be sure to
have reflected a reasonable appraisal fee in Block B or loan will be
rejected.
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 Purchases must reflect Owners Title Insurance (even if Seller will pay
for them)or loan will be rejected.
 All loans require Lenders Title Insurance to be disclosed
 Purchases must reflect sufficient mortgage transfer tax or loan will be
rejected. Confirm transfer tax amount with Closing Company.
 Note: Purchases must always reflect transfer tax, even if Seller will be
paying the transfer tax.
 Mortgage tax must be disclosed for the following states:
AL,DC,FL,GA,KS,LA,MD,MN,NY,OK,TN,VA.
 Recording fees must be disclosed.
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