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#2204474 - 01/30/19 05:38 PM Travel Costs on a LE?
Frank Offline
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Joined: Jul 2018
Posts: 3
We had a client comment on travel costs associated with closing a loan which they were not expecting. The client needed to travel to the US to sign some paperwork as the client was not a US citizen. Should the cost have been disclosed in the Loan Estimate? Thanks!

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TRID - TILA/RESPA Integrated Disclosures Rule
#2204480 - 01/30/19 05:48 PM Re: Travel Costs on a LE? Frank
rlcarey Online
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Joined: Jul 2001
Posts: 78,573
Galveston, TX
The lender requires that the applicant sign the loan package at closing. The fact that the applicant was not living in the US is not related to getting the loan.

If I have to drive across town - you don't put my gasoline costs on the LE.

The transaction is not even covered under Regulation Z to begin with if he is not a citizen or resident of the US.

1026.1(c) Coverage

1. Foreign applicability. Regulation Z applies to all persons (including branches of foreign banks and sellers located in the United States) that extend consumer credit to residents (including resident aliens) of any state as defined in ยง1026.2.
The opinions expressed here should not be construed to be those of my employer:

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#2204489 - 01/30/19 06:12 PM Re: Travel Costs on a LE? Frank
Hawk Offline
Joined: Jan 2019
Posts: 56
The words


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