09/01/2019
If the buyer is being charged by the attorney to prepare the purchase contract, would we reflect that in Section C or Section H?
Also, would the fee description have "Title" in front of it?
08/25/2019
Does the monthly life insurance policy fee need to be disclosed on the loan estimate and closing disclosure on 1st and 2nd mortgages? The policy is offered by the lender but it is not a requirement of the loan. This one is on a 2nd closed-end mortgage and the monthly fee is included with the P & I payment for the mortgage.
06/30/2019
May a lender offer a gift card at closing for a mortgage loan, and would this then be disclosed on a loan estimate or closing disclosure?
06/23/2019
The bank provided a construction loan to a borrower to build a dwelling. Along with the temporary financing the bank also provided a loan estimate
for a permanent loan. This was done to make sure the borrower had all the pertinent information to make a decision about the new construction as well
as due diligence by the bank to be certain the borrower will qualify for the end mortgage.
Is it considered a HMDA reportable transaction as a withdrawn application if the bank provided the loan estimate for permanent financing? The
construction loan was taken out by a permanent mortgage in the secondary market loan and not the in-house mortgage that the loan estimate referred
to.
06/16/2019
I'm new to TRID and trying to understand tolerance and cure amounts for things such as the following:
Loan Estimate :
- Recording Fees $32.00
- Settlement Agent Fee $500 and
- Title Search $300.00
Closing Disclosure:
Title Search $500.00
What would be the tolerance cure?
03/17/2019
We are doing a second mortgage where the first mortgage is already in escrow.
1.) Should we disclose the estimated escrow on page 1 of the Loan Estimate with No for being in escrow or should we completely leave them off since the borrower is already in escrow.
2.) On Page 4 of the Closing Disclosure how should we disclose here as well, and if we select no escrow, our only options are because the customer declined it or your lender does not offer one. Neither of these fit our situation because the customer is already in escrow with us, so they didn't decline it nor did we not offer one.
03/10/2019
I only added 9 days for the closing costs expiration date on the Loan Estimate (LE). I counted the day the LE was issued as one of the 10 days. The borrowers have already signed the Intent to Proceed. What happens now? The lender says I have to re-app the loan and start over. I wanted to know what you think.
02/24/2019
Our borrower's appraisal came in lower than expected. The borrower would like to pay for a rate extension and order a new appraisal in a couple of months hoping for an increase based on sales that will take place in the near future. Can we issue a new Loan Estimate with the rate extension fee, and another appraisal fee, or should we turn down this loan and start over?
02/17/2019
We offer a discounted rate with some of our ARM products. We use the index at the time the rate was set to calculate the fully indexed rate throughout the entire loan and that is what is disclosed on the LE and CD.
Under what circumstance would we locate an updated index from a the date of closing or within 45 days of closing and disclose a blended APR. Would this be a 2 time construction closing? We disclose based on once the rate/index is locked that is the rate/index we use when we close. Unless of course the loan is re-locked for any reason.
01/27/2019
Are we allowed under TRID to add a release fee to a consumer mortgage payoff? The fee would be for recording the satisfaction of mortgage.
