3917772
Description
Mind Map by andrea.browne, updated more than 1 year ago
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Created by andrea.browne
about 9 years ago
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TILA-RESPA (TRID) Rule
- Established October 3, 2015
- Before and TIL disclosure and the Good Faith Estimate was required
- Now the Loan Estimate combined both
disclosures into one
- Must be delivered 3 business days after lender recieves
application and no later then 7 days prior to
consummation
- Creditor can not collect any fees for
loan processesing until applicant
shows intent to proceed.
- Loan estimate is comprised of
Date Issued, Sale Price, Purpose,
Product, and Loan Type
- Loan estimate is comprised of
Date Issued, Sale Price, Purpose,
Product, and Loan Type
- Creditor can not collect any fees for
loan processesing until applicant
shows intent to proceed.
- The aggregate amount of closing
costs and recording fees does not
exced the amounts disclosed on the
loan estimate by more then 10%
- The fees for third-party
services are not paid to the
creditor or an affiliate of the
creditor
- The creditor permits the
consumer to shop for settlement
services
- For third party services there is a
zero tolerance for varience between
the estimate and actual charge
- The creditor permits the
consumer to shop for settlement
services
- The fees for third-party
services are not paid to the
creditor or an affiliate of the
creditor
- Revised Loan Estimate is premitted
- Chaged Circumstances(ex. aggregate
amount of estimated charges to increase
by more then 10%)
- Change in Eligibility
- Consumer requested revisions
- Delays caused by the consumer
- The applicant waits more then
10 days to proceed with the
Loan application
- Delays related to construction loans
- If the creditor
reasonably expects
settlement to be more
than 60 days after
providing loan
estimate
- If the creditor
reasonably expects
settlement to be more
than 60 days after
providing loan
estimate
- The applicant waits more then
10 days to proceed with the
Loan application
- Delays caused by the consumer
- Consumer requested revisions
- Change in Eligibility
- Disclosure must be
provided within 3
business days of change
and not later than 4
business days before
consummation
- Chaged Circumstances(ex. aggregate
amount of estimated charges to increase
by more then 10%)
- Must be delivered 3 business days after lender recieves
application and no later then 7 days prior to
consummation
- Now the Loan Estimate combined both
disclosures into one
- Before and TIL disclosure and the Good Faith Estimate was required
- Similiarly there was the TIL and Closing and HUD1 settlement statement, the closing disclosure combines both
- Estimated Closing Cost
- Loan Cost
- Origination Charges, Services you
cannot shop for, services you can shop
for, total loan cost
- Other Cost
- Taxes and other government fees,
prepaids, initial escrow payment at closing,
other, total other costs, total closing cost
- Taxes and other government fees,
prepaids, initial escrow payment at closing,
other, total other costs, total closing cost
- Other Cost
- Origination Charges, Services you
cannot shop for, services you can shop
for, total loan cost
- Estimated Cost to Close
- Total closing costs, closing costs
financed, down payment/funds
from borrower, deposit, funds for
borrower, seller credits,
adjustments and other credits,
and estimated cash to close
- Total closing costs, closing costs
financed, down payment/funds
from borrower, deposit, funds for
borrower, seller credits,
adjustments and other credits,
and estimated cash to close
- Must be recieved no later then 3
business days prior to
consummation
- Consumers may wait and aditional 3
business days if there is a change in APR,
Loan Product, or addition of a prepayment
penalty
- Any refunds of excess must be paid
within 60 days of comsummation
- Any refunds of excess must be paid
within 60 days of comsummation
- Consumers may wait and aditional 3
business days if there is a change in APR,
Loan Product, or addition of a prepayment
penalty
- Loan Cost
- Estimated Closing Cost
- Does not apply to
reverse mortgages,
HELOCS's, and
mortgage's
secured by a
mobile home
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