03/19/2023
On the loan estimate, I input it as a balloon rather than installment which drastically increased the payment. Do I need to redisclose theis with a revised LE or do I make the correction in the closing disclosure?
01/01/2023
TRID Closing Disclosure confusion on Seller-Paid H, Other, and J, Total Closing Costs Subtotals (D+I) – Should we disclose all fee/costs listed on our Title(Seller) CD?
According to 1026.38(h)(2), it appears that we should list ALL loan costs on page 2 of the closing CD under section H. Also, 1026.38(k) discusses Summary of seller’s transaction.
For example, we had a Judgement Payoff to a Law Firm ($987.97) in section H of Seller-Paid on our Title CD. This was not disclosed on our Buyer’s CD and does not carry over to section Seller-Paid – Section J. Total Closing Costs Subtotals.
My concern is that the totals do not match the Title-CD bottom line “J-Closing Costs Subtotals.” What is the correct way to itemize and disclose these?
12/25/2022
We have a builder in one of our markets who is the seller on one of our transactions. He wants to pay to buydown for the borrowers interest rate. This would cause us to go over the points and fees threshold. My question is, would a seller paid amount to take the rate down be exempt from the points and fees calculation?
11/20/2022
May a seller’s statement be provided by the title company in lieu of a seller’s closing disclosure? It contains all of the same information as provided in Model form H-25(I) in Reg Z. (https://www.consumerfinance.gov/rul...e7023baceb466835a39ca4fa95107c1f1037ca3c)
This is a purchased loan and we are performing quality control checks on a file.
11/13/2022
I have a borrower who would like to use his primary residence as collateral for a business line of credit in the business' name. Does TRID apply or any other regulations if its a business purpose?
09/18/2022
Do all seller paid fees have to be shown on the borrower's closing disclosure (CD)? For example, if the inspection reveals an issue with plumbing and the seller agrees to pay for a plumber, does that amount need to be placed on the borrower CD?
09/18/2022
Do you need to document the credit file giving the reason if the application loan amount changed compared to the closing table amount, whether it is a consumer, commercial, or residential loan application?
06/26/2022
If loan amount requested on a pending mortgage application was changed after the Loan Estimate was issued and prior to the Closing Disclosure, can the appraisal fee can be increased?
03/20/2022
If an unexpected event such as weather forces a bank or title company to close early, what is the best way to address any mortgage closings which were planned and are now delayed by days or even weeks before they can be rescheduled?
03/20/2022
When there is a postage fee/courier fee for a TRID loan, is this fee always disclosed as a prepaid finance charge or does who is charging for the fee determine if it is a prepaid finance charge or not?
For example, when the lender is charging a postage/courier fee, the fee is disclosed as a prepaid finance charge because the lender is charging it. When the title company is charging a postage/courier fee, would it be a non-prepaid finance charge, or is this still considered a prepaid finance charge?
