08/22/2021
Regarding the APR on the Closing Disclosure: our ARM rates are set at application. Our Note provides for a 45-day look-back for rate changes. I'm conflicted reading the regulation and want to verify that we should be using the index within that 45-day period before consummation to calculate the APR on the CD?
The initial rate is not determined by "index + margin," but changes are based on index/margin/caps. I think they should be using the most current index when the CD is issued. Often times the application date is greater than 45 days from consummation. I believe this is the most conservative approach.
08/15/2021
If Recording fees were not disclosed on the Loan Estimate, but these fees were charged on the Closing Disclosure, is this a tolerance violation if the accumulative total does not exceed the disclosed fees for the 10% category?
08/08/2021
Is it permissible to issue a closing disclosure to a mortgage borrower more than 3 days prior to the closing date?
07/11/2021
We are refinancing an in-house loan, and want to transfer the escrow account. The customer has approved it, but how do we show it on the loan estimate and the closing disclosure?
06/20/2021
When you get an appraisal waiver from a GSE (DU) do you put appraised value or estimated value on closing disclosure?
06/20/2021
When you get an appraisal waiver from a GSE (DU) do you put appraised value or estimated value on closing disclosure?
03/21/2021
If I used an estimated value on a loan estimate for a construction loan where the customer already owns the land and no appraisal or valuation has been completed, will I use that same estimated value on the closing disclosure or can it be updated to the appraised value?
01/17/2021
If the lender provides the fire and hazard insurance on a mortgage loan, is
this a zero tolerance for the loan estimate? While one can do a pretty good
job using MLS / Internet to come up with an insurance value, but this amount
could change when reviewing, say an insurance review that would be obtained
prior to the closing disclosure. Say MLS cited 800 sq ft, but the insurance
review cited 1200, or even if a for sale by owner, (FSBO), with limited
"online" information, the insurance review comes back noting a custom
kitchen, flooring, bath etc. when this was not known up front.
10/04/2020
We had a mortgage loan, a refinance, subject to TRID and we charged a Title Insurance fee upfront on the Loan Estimate of $765 and it was actually a Title Search for $50. The Closing Disclosure was not changed either. How do I complete a revised CD after consummation; Do I just refund the $715 or do I need to complete a revised CD?
08/26/2020
We have a loan that we are working on that is a purchase of a second home. The borrowers are son and daughter in law and mom. Son and daughter in law live in Michigan, mom lives in Florida.
* How do we get the closing papers signed and what should they be dated?
* Do we send two closing packages, one to each and then combine them, or send one closing package and have the son and daughter in law forward to mom?
* Can they date the documents before the closing?
