How should we disclose construction loan inspection and handling fees?
If you receive an application on 3-20-17 and the loan app. is applicable to TRID, do you have to do the LE if you decline within 3 days.
For a fixed rate home equity loan with no escrow, how and where should debt protection be displayed on the closing document?
Once you receive the RE application, what is the timeline to when you can close the loan?
Prior to Integrated Disclosures, a credit sale (selling and financing an OREO property) required us to disclose the Total Sale Price on an Estimated and Final TIL (12 CFR 1026.18(j)). Is there a similar requirement on the new Loan Estimate and/or Closing Disclosure or has this gone by the wayside?
In regards to TRID's services that a consumer is permitted to shop for, if the customer does not select a service provider and requests that the lender choose a service provider for them, is the amount charged subject to the 10% cumulative tolerance?
I have a question regarding tolerance categories once the TRID rules go into effect. Here is my potential scenario:
Our customer chooses to purchase Owner's Title Insurance. We do not require that they do this as a condition of the loan. What if the company they choose is an affiliate of our company. Would this fall into the no limit or zero tolerance category?
Are there set rules on the Cash to Close changing from the LE to the CloD? For example, borrower requests a cash out refinance. The LE discloses in the Cash to Close section that they will be receiving $50,000. We find out prior to closing they want to pay off a loan and receive the leftover money at closing. So the money to the borrower has drastically been reduced. Are the changes in cash to close regulated by certain guidelines?
Regarding the Loan Estimate under Estimated Taxes, Insurance and Assessments: We were told that we had to estimate taxes, insurance including flood and other assessments In order to complete the monthly payment. How are we going to know if they are in a flood zone within 3 days of application with out running a determination? I would like to not incur that expense until we get back the intent to proceed.
If you are doing a 30 year construction to permanent loan with a 1 year construction period, does it or does it not qualify as a Qualified Mortgage if it meets all other criteria?