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disclosures
29 cards·by niyah
What law requires the loan estimate and closing disclosure?
TRID/TILA
What law requires the MSDS to be disclosed?
Section 6 of RESPA
What law requires the Affliated Business Arrangement?
Section 6 of RESPA
What law requires NTS to be disclosed?
Section 6 Of RESPA
NTS stand for...?
Notice of Transfer Statement
MSDS stands for...?
Mortgage Servicing Disclosure Statement
When is NTS due?
15 days prior to and w/in servicing being transferred
What does MSDS let the borrower know?
MLO may or may not service their loan
What does the AfBA do?
tells the borrower that they are not committed to a referral, they can SHOP AROUND
What law requires HUD-1 Settlement Statement?
RESPA
What does HUD-1 do?
shows final costs for an OPEN-END loans
When is HUD-1 due?
due at closing or 1 day prior, if requested
What law requires GFE to be disclosed?
RESPA
What does GFE stand for?
Good Faith Estimate
What does the Homeownership counseling organizations list do?
shows local counseling organizations
Home Loan Toolkit should be delivered...?
at time of application SEPARATE from all other initial disclosures
What law requires the CHARM Booklet and Early ARM Disclosure to be delivered?
TILA
When are CHARM and Early ARM due?
At time of application or prior to payment of nonrefundable fees
What law requires TIL to be disclosed?
TILA
TIL stands for...?
Truth in Lending
What are the 3 types of TIL Disclosures?
Initial, Preliminary, & Final
When is Initial TIL due?
at time of application
What does the "What you should know about your HELOC" disclosure do?
educates borrower on structure of HELOC and what to look for when shopping for a HELOC
What law requires the "Notice of Right to Receive Credit Score" to be disclosed?
FCRA/FACTA
When is the "Notice of Right to Receive a Credit Score" due?
at credit check
What law is "Notice of Right to Rescind" required under?
TILA
What law requires an Initial Escrow Statement to be disclosed?
RESPA
When is the Initial Escrow Statement due?
at closing or within 45 calendar days of establishment
What does the Initial Escrow Statement do?
lets borrower know that their loan may be assigned to another company for servicing