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?
11/24/2019
I have a question regarding modification fees on our construction-perm loans. If additional fees are incurred at modification (Appraisal fee,
recording fees, title fees, etc.) and were not disclosed on the loan estimate or closing disclosure, are we able to collect and charge them or
would this be a TRID tolerance issue?
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.
