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36 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Tila-Respa does not apply to? |
Helocs, reverse mtg, mortgages secured by a mobile home or non attached dwelling TI |
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Tila - Respa applies to |
Closed- end transactions secured by real property Credit extended to certain trusts for tax or estate planning purpose are not exempt for Tila-Respa rule |
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Loan Estimate must be delivered ? |
3 business days after receiving a consumers application |
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Closing disclosures must be provided ? |
3 business days prior to consummation |
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Record retention |
Closing disclosures 5 years after consummation . Escrow and post consumption payment 2 years LE 3 years after consummation |
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TRID effective date |
Oct 3,2015 Before date still requires GFE, HUD-1, & TIL forms |
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TRID covers loans that are subject to TILa and not Respa such as ? |
Construction only loans Loans secured by vacant land or by 25 or more acres |
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Loan estimate disclosures replace which forms |
ReSPA GFE and initial TIL |
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Loan estimate includes a good faith estimate of |
Credit cost and transaction terms |
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Loan estimated must be in writing and contain info in appendix H |
Yes |
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Loan estimate forms include |
Loan terms-amount, ir, p&i , pre payment penalty or balloon payments
Projected payments Payment calculations and est. of total monthly payment .
Costs at closing Est. closing cost Cash to close |
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Closing cost details-pg2 of closing cost details |
Loan costs-origination charges, services you cannot and can shop for
Other costs -taxes and other govt fees , prepaid, initial escrows ,others
Calc. For cash to close Adjustable payment table Adjustable interest rate (AIR) table for Arms |
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Loan estimate -pg3 |
Additional info, comparisons and other considerations |
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Can a customer waive the 7 day waiting period? |
Yes only for a bona-fide personal financial emergency- housing foreclosures . |
Loan estimate |
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Under TRID what is considered and application ? |
1. Name 2.income 3 SSN 4. property address 5. Estimate of the value of the property 6.mortgagde loan amount |
Which 6 pieces make up an application when they are received ? |
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What is considered a business day under TRID |
A day the creditors offices are open to the public to carry out all of its business functions. |
Other purposes business days are all all calendar days except for Sunday and legal public holidays |
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When can a consumer shape for service ? |
Credit it provides a written list of providers separate from LE. |
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When can a consumer shape for service ? |
Credit it provides a written list of providers separate from LE. |
Loan estimate |
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What charges are subject to 10 percent cumulative tolerance ? |
Charges for third party services and recording fees. So creditor cabs charge customers as long as it is not over 10% |
No tolerance if Customer chooses creditor not on this list |
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What charges are subject to Zero tolerance ? |
1.Fees paid to the creditor, mortgage broker, or an affiliate 2. Fees paid to an unaffiliated third party (consumer shopping) 3. Transfer taxes |
Loan estimate |
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Triggers for waiting period |
-Apr changes -Loan product changes -prepayment penalty is added |
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CD errors must provide new Disclosures within X days |
60 calendar days |
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special info booklet (Resp settlement costs booklet) |
Provide a copy to consumers who apply for consumer credit transactions secured by real property. |
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When your home is on the line : what you should know about HELOCS |
Provided for HELOC |
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Escrow closing notice |
Provide within the business days before the consumers escrow account is cancelled . Except for reverse mtg. |
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Two exceptions to escrow closing notice |
1. If escrow account is cancelled for delinquency or default
2. If escrow is tenanted whether by repayment , refinancing , rescission , and foreclosures |
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When creditors realize the amount paid exceeds the disclosed amounts on LE beyond tolerances what happens? |
The creditor must refund it within 60 calendar days after consumption. |
Loan estimate |
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Changed circumstances are changes that increase tolerance over 10%. Examples |
Natural disasters Title insurance company failure New info discovered like neighbor contesting boundaries |
Loan estimate |
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Closing disclosures replaced he HUD 1 and final TIL. The consumer receives it no later than X days prior to consummation of a loan |
3 business days |
Closing disclosures |
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If a corrected CD is provided, what is the waiting period? |
3 business days |
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Consummation means |
When a creditor becomes contractually obligated to a seller on a real estate transaction. May not be the same as settlement it closing |
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Closing disclosures forms include |
Pg 1-Loan terms, projected payments and costs of closing Pg 2-loan costs and other costs P3-Calc. Cost to close, summaries of transactions , and alternative for transcripts without seller P4-addt'l info |
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Delivery of CD |
3 business days propose to consummation (can be given by settlement agent) |
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Seven business days can be waived for: |
Bona dude personal financial emergency Consumer received CD Via written statement the describes emergency (no preprinted waivers ) |
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Who gets CD |
All those who have right of rescission |
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When calculation business days add 3 day. Example of application completed in 3rd then the LE must be provided 3 business days later on the 6th. |
Le-business days are same as days bank is open
cD- business days are the same as rescission definition |
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