What has been an overriding goal of GFE updates?

The overriding goal of the updates to the Good Faith Estimate (GFE) has been to improve the disclosure of closing costs and origination charges, which facilitates the process of loan shopping for consumers. This focus is driven by the desire to provide borrowers with clearer information about the costs associated with their mortgage loans, allowing them to make informed decisions when comparing different loan offers. By enhancing transparency and understanding, the updates help consumers better anticipate the financial obligations of their loans, ultimately supporting more financially sound choices.

While other options touch on relevant aspects, such as simplification of disclosures or the addition of glossaries, these do not capture the primary goal as effectively as improved disclosure of costs in a way that empowers consumers to shop confidently for loans. Prioritizing clarity in cost disclosure directly addresses common consumer pain points, aligning with regulatory goals to enhance consumer protection in the lending process.