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?
03/07/2021
intent to proceed prohibits charging fees other than for credit report before the Loan Estimate is provided and the applicant's intent to proceed has been confirmed and documented. If due to a technical issue which we discovered post closing the Loan Estimate was never sent to the borrower, is the lender obligated to refund all closing fees based on the Intent to proceed rule?
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?
09/13/2020
When we have a TRID loan that we have already issued the loan estimate to the borrower, and we find out that the borrower will be paying the seller’s fees at closing. Do we have to include the seller’s fee in with our tolerance calculation since the buyer is paying it?
Let’s say we have state/tax stamps, usually paid by the seller. At closing we find out the buyer is paying the fee. This is a zero tolerance fee, do we have to add it into our tolerance calculation since it is a seller’s fee just being paid by the buyer?
05/31/2020
Assume we have a real estate application with all six needed items received on the weekend when
business is closed. We open only Monday - Friday but it could come in electronically. Is the deadline for TRID's loan estimate Wednesday or Thursday?
05/10/2020
Can a lender charge a customer for the cost of a soft credit pull prior to an application for example for a prequal or preapproval? I have heard that
there are no federal prohibitions on doing this, but I would like to have more than one perspective please.
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?
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?
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?
