Does the applicant only receive a Loan Estimate when he is the only loan applicant but there are four names on the deed? I can't find it in my "trusty" handbook!

Only an applicant receives a LE. If the transaction is subject to rescission, then all that have the right would receive the CloD.

So everyone on the Deed will get a CD if its subject to rescission.

Thanks for the help

Clarification: If the individuals have the right to rescind. Being on a deed may not grant that right unless it is the individual's primary residence.

The note will only be signed by the applicant borrower.
Everyone on title has to sign the Mortgage.
All title holders get the CloD.
As Randy said, title holders occupying the property as their principle residence get the RoR.

All title holders get the CloD.

??? Why if there is no RofR??

To steal Truffles response (I'm lazy today) and tweak for a bank already holding the deed (which it sounded like to me)


The note will only be signed by the borrower.
Everyone on title that is not a borrower has to hypothecate their interest
Only the borrower or persons subject to ROR gets the CloD.

Bringing this back up. In a purchase transaction, only the borrower would get a copy of the CD and not the spouse correct. The spouse would hypothecate their interest with a Third Party Agreement?

Yes.

I'll suggest here that HOW the non-borrowing spouse hypothecates that interest will depend on state law. It may be joinder in the mortgage deed; it may be a separate instrument.

We are working on our first loan with a non-occupying co-borrower. We have the 1st applicant who is occupying and on a separate application of the same loan, a 2nd applicant who is not occupying. Our system will show the 1st applicant and her address on page 1, then will attach an addendum with the 2nd applicants name and address. Is this enough that they can both receive the exact same LE or print one for each that shows the applicants name on page 1 and has the other added to the addendum?

You can add an addendum if the applicant information will not fit on Page 1 of the LE in the allowed space.

Who is going to occupy the dwelling has nothing to do with it. You have a joint application.

On what basis have you decided you have to provide the LE to each applicant? The regulation only requires a single LE. Is it state law that you're dealing with? Bank policy?

No, was just thinking back to what we did with the GFEs. But after more thoughts on it, it makes sense that we would print 1 identical LE and we will provide to both, as they live states apart.

I'm in Texas, I have a husband who is the borrower for a purchase of property with both he and his wife listed on the deed. This property is not their primary residence, therefore only husband will have to sign. (Couple stated that they tried to do this at another bank and they were requiring the wife to be removed from the deed since she wasn't going to be on the note. Just want to make sure I'm not missing something)

You need to check state laws.
The basic rule is that whoever is on title (the deed) has to sign the mortgage but they do NOT have to be a borrower too.
If this loan was in WI, the husband would sign the note and both the husband and wife would sign the mortgage.

(Couple stated that they tried to do this at another bank and they were requiring the wife to be removed from the deed since she wasn't going to be on the note. Just want to make sure I'm not missing something)

They should sue that bank.

Here's our situation and would like some clarification as this doesn't happen very often:

Daughter is purchasing a home and subject property AND mom's home will secure the loan. Mom is not on the loan. If the closing date to purchase the subject property is Friday then Mom would have to be provided the RofR disclosure and a copy of the CD on the prior Monday, correct? The CD Closing Date & Disbursement date will = Friday (purchase date).

No - rescission doesn't start until the loan closes. Mom would have to get the initial CD three business days prior to closing and any revised CDs and then funding could not occur until after the third business day after the daughter signs the note. She would be provided the RofR at closing.

The consumer may exercise the right to rescind until midnight of the third business day following consummation, delivery of the notice required by paragraph (b) of this section, or delivery of all material disclosures, whichever occurs last.

We discussed this again and that is what we did, we provided the CD timely, closed with the daughter, provided RofR to mom then funded. Thanks!