Which form lists the basic information about the terms of a mortgage loan for which the consumer applied?

The correct choice is the Good Faith Estimate (GFE). The GFE is specifically designed to provide consumers with essential information about the terms and conditions of a mortgage loan they have applied for. It outlines key elements such as the interest rate, monthly payments, estimated closing costs, and loan terms, enabling borrowers to make informed decisions about their financing options.

Understanding the GFE is crucial as it helps borrowers compare various loan offers from different lenders, fostering transparency and enhancing consumer protection in the mortgage process. By providing this information upfront, the GFE serves as a valuable tool for consumers to evaluate their financing choices and select the mortgage that best suits their needs.

The other forms mentioned serve different purposes in the real estate transaction process. The HUD-1 and Closing Statement are primarily used during the closing process to itemize final charges and credits for both the buyer and the seller. The Deed of Trust is a legal document that secures the loan by transferring the title of the property to a trustee until the loan is repaid. None of these documents serve the same purpose as the GFE in providing a summary of loan terms for borrowers.