http://videotap.wistia.com/medias/3bwdrldt2l?embedType=async&videoFoam=true&videoWidth=640 Creditors must continue to use the Good Faith Estimate, Truth-In-Lending Disclosure and the HUD-1 form for reverse mortgages, HELOCs, mobile home or other non-attached dwelling loans and others NOT covered by TRID. Housing assistance loans for low- and moderate-income consumers are partially exempt...
TRID
http://videotap.wistia.com/medias/61m4vtywu3?embedType=async&videoFoam=true&videoWidth=640 TRID rules apply to MOST consumer credit transactions secured by real property. These include mortgages, refinancing, construction-only loans closed-end home-equity loans, and loans secured by vacant land or by 25 or more acres. The rule does NOT apply to Home Equity Line of Credit transactions...
http://videotap.wistia.com/medias/kavjbpgamd?embedType=async&videoFoam=true&videoWidth=640 Federal “disclosure” forms define the information that creditor businesses MUST provide to consumers applying for real estate loans. As of Oct 1, 2015 lenders must provide TWO New “TRID” disclosure forms. for the most common kinds of real estate loans First, the Loan Estimate,...
http://videotap.wistia.com/medias/ywhl0suzfm?embedType=async&videoFoam=true&videoWidth=640 Page 4 of your Closing Disclosure is important. It is NOT just standardized form information that is identical for every loan. Review these terms: Assumption: can this loan be transferred to another person if you sell or transfer the property? Demand: can the lender require early repayment of the...
http://videotap.wistia.com/medias/hemdok96t2?embedType=async&videoFoam=true&videoWidth=640 The first page of your Closing Disclosure documents: The Loan Amount - the total you will actually borrow The Interest Rate - which does NOT include the fees factored into the APR on Page 5 If this loan has a penalty for pre-payment or includes a balloon payment Page 1 will summarize the...
http://videotap.wistia.com/medias/m6chqpkxeq?embedType=async&videoFoam=true&videoWidth=640 If an eligible loan proceeds from Estimate to closing, creditors must provide a Closing Disclosure form documenting the actual transaction terms and costs THREE business days before consummation. It must be in writing, whether paper or digital, and disclose ONLY the information specified by the CFPB. If...