Who is responsible for ensuring the accuracy of loan estimates?

The responsibility for ensuring the accuracy of loan estimates primarily lies with lenders. Lenders must provide borrowers with accurate, clear, and detailed loan estimates as mandated by regulatory guidelines. This process includes calculating loan costs, interest rates, closing costs, and other key financial details that influence a borrower's decision.

Lenders are equipped with the necessary information about the mortgage products they offer and the relevant regulations governing loan estimates. They need to disclose accurate terms to consumers to promote transparency and comparability among various loan options. This accountability also plays a crucial role in protecting borrowers from unexpected costs and financial surprises during the loan process.

While other parties, such as brokers or settlement agents, play supportive roles in the transaction, it is ultimately the lender's responsibility to ensure that the loan estimates are correct and comply with legal standards. Borrowers can review these estimates but do not hold responsibility for their accuracy.