10/22/2023
The list of service providers we gave out has a mistake on it, The lender inadvertently put two providers in one box, One of these providers is an affiliate, the other provider is a third party, The contact information for the third party is right, but how the providers name is displayed as lenders affiliate-third party, would this be an issue? My concern was it would hinder borrowers ability to shop, also an affiliated business disclosure would be required. What are your thoughts?
09/11/2022
If a fee is deleted on the closing disclosure in section B and the disclosure was sent out for signing, do we re-disclose to the borrower and show that fee as a Lender Credit?
06/19/2022
Does a non-borrowing spouse need to sign or acknowledge the initial Closing Disclosure for a purchase of a TRID loan? Does it matter that we are in Indiana?
07/18/2021
How do banks track disclosures?
08/23/2020
How do we resolve a conventional 30 year residential loan, originally floating at application, that was closed without being officially "locked," at the rate originally stated on the LE, which did state that the rate was floating? Will the resolution differ if the now current market rate has dropped lower than the original stated rate versus an increase in the rate?
08/18/2019
Regarding a lender credit reduction for an extension of an interest rate lock, may a lender reduce a lender credit to extend the lock period?
Example; A rate lock expired 4-25-19 and the closing date was 4-28-19. The initial rate lock and Loan Estimate reflect a lender credit of $2000.00 with 4.25% interest rate. The lock was extended through 4-29-19 at the same rate, but the lender credit was reduced to 1800.00. Since the lender credit was reduced based on an interest rate dependent charge, is this acceptable for interest rate extensions? If it is, is there a requirement that documentation confirms the delay was due to the borrower or outside of the lenders control?
02/24/2019
I have a question about a Closing Disclosure and the Disbursement Date on a no rescission loan with payoffs requiring funds from borrower received on the next day. Would we disclose the Disbursement Date on the CD as the same day as the closing date or the date we receive the borrower's funds and the actual funds are disbursed?
01/20/2019
I have two questions regarding TRID.
1. A fee that should have been disclosed on the Loan Estimate section “Services You Cannot Shop For” (FHA Upfront MIP) was inadvertently disclosed in the “Other Costs” section. It was disclosed in the correct section on the Closing Disclosure. What is the violation and cure for this error?
2. A fee of $555 was disclosed for the appraisal on the Loan Estimate for an FHA loan. This estimate was in good faith and considered the likelihood that repairs be requested as a result of the appraisal. On the Closing Disclosure the fees were listed as Appraisal - $400 and Inspection Fee/Additional Appraisal Fee - $100. Is this subject to a cure?
10/28/2018
Would there ever be a reason to reflect a rate lock extension fee on an LE and/or a CD when the lock has not expired and will not expire until after
closing? Closing has not been delayed in this scenario.
04/08/2018
This pertains to a loan modification on s consumer lot purchase loan. No new money is lent. We are modifying the maturity date and terms.
(1) Can the interest rate be modified?
(2) Does TRID apply?