04/26/2020
Should a cured fee (Underwriting Fee) be included in the finance charge calculation?
The fee was not originally disclosed on the LE. Therefore, it was not included in the APR. The item was added to the CD and cured. Since it was cured it was not included in the APR/finance charges.
03/29/2020
After watching an escrow webinar my bank decided to no longer add the 3% to the premium amount on the closing disclosure. Since the webinar, I have forgotten and did not properly document why. Can you please confirm or advise me on the initial escrow statement, per regulation, if we can add this? I recall it was created from the CPI Index. I understood this could be added at the annual escrow analysis, but NOT on the closing disclosure or Initial Escrow Statement/Disclosure. Is that right, or can we add the CPI index at the time of creating the escrow account?
03/29/2020
After watching an escrow webinar my bank decided to no longer add the 3% to the premium amount on the closing disclosure. Since the webinar, I have forgotten and did not properly document why. Can you please confirm or advise me on the initial escrow statement, per regulation, if we can add this? I recall it was created from the CPI Index. I understood this could be added at the annual escrow analysis, but NOT on the closing disclosure or Initial Escrow Statement/Disclosure. Is that right, or can we add the CPI index at the time of creating the escrow account?
03/15/2020
I'm looking for clarity concerning Reg Z and documenting a borrowers payment of costs on the Closing Disclosure that are paid outside of closing. Specifically, fees for optional services like a Whole Home Inspection, Radon, etc. that a lender does not require. I thought there were separate rules for optional services?
Reg (i) Charges that are not paid from closing funds but that would otherwise be disclosed in the table described in paragraph (k) of this section, should be marked with the phrase “Paid Outside of Closing” or the acronym “P.O.C.” and include a statement of the party making the payment.
03/08/2020
We gave a lender credit of $2,500 on the LE for a "no cost" loan. On the CD, we showed all fees paid by the lender, with total specific lender credits of $2,600. However, our origination fee of $500 shown on the LE was waived and removed on the CD, offsetting an increase in a title service fee
of $600. In short, we are paying more in credits than originally disclosed, but have removed a waived fee. Is this acceptable?
02/09/2020
Can a lender accept verbal telephone confirmation from an applicant of receipt of the 3-day closing disclosure?
01/12/2020
I have a refinance loan closing and I have to pay the real estate property taxes that were due on 7/1- summer taxes. Where should I put them on the
Closing Disclosure, In section F-prepaid or is it okay to put them in the payments and payoff section (page 3) on the CD?
01/05/2020
A residential mortgage disclosed a lender credit for $200 due to a charge for transfer taxes. At closing the $200 charge was no longer applicable as mom and dad remained on the title. As a result, the title company took away the $200 fee that they had disclosed on their estimated statement and said the charge wasn’t applicable any more.
Is the Bank is still responsible for issuing the lender credit of $200, although the corresponding charge has gone away?
12/01/2019
In search for further guidance on compliance for delivery of a Closing Disclosure (CD) by way of email (with a borrower's E-Sign consent) we have varying differences in the interpretation of the word "Receipt".
It has been our department's practice to deliver the CD within no less than 3-business days prior to closing. Documentation to evidence delivery has been by including a printed copy of 1) email showing our department's delivery of the CD to the borrower by way of email, and/or 2) a printout showing the "Arrival Date" of the email/attachments to the borrower.
Some have interpreted the "Receipt" rule as evidence the email and attachment(s) was "OPENED". Are we in violation if a loan is scheduled to close on a Monday and the borrower did not “OPEN” the email until the 2nd business day (Thursday) prior to closing – even though we have evidence to show “ARRIVAL” of our CD on or before the 3rd business day prior to closing?
12/01/2019
If you have changes to a loan product or loan amount, etc. one day prior to the initial closing disclosure being issued, can you use the initial CD to
disclose the changes or do you have to reissue the loan estimate and restart the clock, or is there another solution?
