12/30/2018
Can a co-borrower be added to a loan after a closing disclosure is issued?
12/30/2018
We have a consumer real estate ARM loan that was originally set as a 5 year ARM with a 10 year term. The loan was booked. Two months into the loan the borrower wants to make the term of his loan to 15 years instead of 10. We did not change the rate and the payments went down because the term was extended. We made the changes on a change in terms/modification document. Is this a change that should have required new TRID disclosures, or is this considered a subsequent change an no new disclosures are required?
12/16/2018
I understand we have to send out a full set of initial disclosures when a product changes from CNV to FHA and a new 3 day wait period applies, but when it changes from FHA to CNV is a redisclosure package enough or we do need to send a full set of initial disclosures?
12/09/2018
If an early Closing Disclosure has been issued and the borrower now wants to add a co-borrower, what are the compliance issues that need to be reviewed?
Under Reg Z, is there a new 7 day waiting period to close due to a 'new' application' with the co borrower?
Do we go off of the date of application of the 'co borrower' or the original primary borrower application?
This is not technically a changed circumstance, but if no fees are increased that break tolerances, nor a program change, is there an issue?
12/09/2018
While researching the May 2018 TILA-RESPA Integrated Disclosure rule Small Entity Compliance Guide, I found this in section 10.8:
"Seller-paid loan costs and other costs are required to be disclosed on the consumer's CloD, regardless of whether a separate CloD is provided to the seller. Seller-paid real estate commissions are one example of seller-paid costs that may not be omitted from and must be included on the consumer's CloD. 1026.38(g)(4); Comment 38(g)(4)-4. Additionally, non-commissioned real estate brokerage or agent charges for services to the seller or consumer are required to be itemized separately, with a description of the service and an identification of the person ultimately receiving the payment. Comment 38(g)(4)-1 and - 4; 1026.2(a)(11) and (a)(22)."
In the May 2018 TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and CloD forms I found in section 3.4.3 on page 91:
"A separate CloD can be provided to the consumer and the seller to do not reflect the other party's costs and credits by omitting certain disclosures on each separate CloD (1026.38(t)(5)(v), (vi), (ix)."
This appears to contradict the compliance guide. Does the seller’s information need to be on the CloD and is this new? We thought that if you disclosed on separately disclosures and we had both, the borrower’s and the seller’s, in the loan file we were in compliance.
12/02/2018
Regarding the 10% tolerance for recording fees, are the recording fees and fees charges by the settlement attorney all included in a cumulative 10% tolerance, or are recording fees in their own 10% tolerance category? For example, we have a settlement attorney that did not disclose they would be charging a $50.00 release fee on a refinance, however, we did over-disclose on the lenders title policy fee on the Loan Estimate, which will allow us to remain under the 10% tolerance if this is a cumulative tolerance.
12/02/2018
I am new to the bank that I am at now. I have been reviewing some of the TRID loans and have found that on the closing disclosures if the bank closed the loans they have left the settlement agent and file # blank. What can be done to fix those loans? The only disclosures that have those filled out are the ones that the title company did the closing.
11/25/2018
In regards to the new TRID disclosures, we choose not to issue the seller CD on a purchase transaction. Thus, we are not disclosing seller incurred fees on our borrower's CD. We are being told that this is incorrect and that we should be disclosing those fees. Again, this is seller incurred fees, not borrower fees that the seller paid. Your thoughts on this.
10/28/2018
I have an investor that is wanting me to issue a final closing disclosure (CloD) with the sellers fees. This would be fine, but they are asking for it to be on my buyers closing disclosure. We normally issue a final CLoD for the buyer and get a CLoD from escrow for the seller. Is my investor correct in asking for the fees to be on my buyers CLoD (fees include Realtor commissions, Owners Title, Transfer Tax, Realtor processing fees, etc.)?
10/21/2018
We recently found a fee that was charged to a borrower and needs to be cured. The closing has already happened and we charged too much. Could you tell me the proper steps on how to cure a loan post consummation and where do we place the cured amount on the cd?