Loan Estimate (LE) TILA-RESPA Integrated Disclosure (TRID) Rule Requirements

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1 Loan Estimate (LE) TILA-RESPA Integrated Disclosure (TRID) Rule Requirements

2 New Definitions; New Forms New Work Flow New Rule creates new definition of Covered Loan Loan Application Consummation (Closing) New Rule creates new work flow More documentation Tighter time lines New Rule creates new forms Loan Estimate Closing Disclosure

3 Covered Loan No longer RESPA definition All TILA and Regulation Z Loan to natural person (includes trusts) Proceeds for personal, family of household use Collateral is dwelling attached to land Includes 25 acres or more if above applies

4 Loan Application Six pieces of information 1. Consumer s name 2. Consumer s monthly income 3. Consumer s SSN 4. Property address 5. Estimate of property value 6. Loan amount sought

5 Consummation The target date around which disclosure requirements revolve CFPB explains: Commonly occurs at closing or settlement Legally distinct event: Occurs when the consumer becomes contractually obligated to the creditor on the loan Lender will likely dictate the date of consummation

6 Accuracy of Disclosures Lender and Broker fees must be exact All other fees quoted Including Homeowner Association Dues if known (example) Must be in Good Faith Best information reasonably available to the creditor Obtained through due diligence

7 Loan Estimate (LE) Provision Provided to the consumer by: Creditor/Lender Mortgage broker Delivery 3 business days after application 7 business days before consummation If mailed add 3 days for receipt

8 Application Timeline SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY Application Received 23 Sunday doesn t count 24 Loan Estimate must be mailed or hand delivered If in hand= LE Delivery Date 25 LE Mail Day 1 Earliest Day Closing Disclosure can be mailed or delivered in hand Can be either creditor or broker 6 specific items 26 LE Mail Day 2 CD Mail Day 1 20 Customer can withdraw/lender can reject Application 27 LE Mail Day 3= Delivery Date (presumed) CD Mail Day 2 21 Customer can withdraw/lender can reject Application 28 CD Mail Day 3= Delivery Date (presumed) 22 Lender is not open for customer facing business so Saturday does not count for Loan Estimate preparation 1 CD Mail Disclosure Day 1 2 Sunday doesn t count 3 CD Mail Disclosure Day 2 If in hand= CD Delivery Date 4 CD Mail Disclosure Day 3= okay to close CD In hand Disclosure Day 1 CD In hand Disclosure Day 2 CD in hand Disclosure Day LE expires Earliest day for closing assuming LE mailed or delivered on 24 th

9 Page One

10 General

11 Loan Terms & Projected Payments

12 Costs at Closing Refinance transaction Includes check boxes From and To Borrower

13 Page Two

14 Loan Costs

15 Other Costs

16 Calculating Cash to Close

17 Adjustable Payment (AP) Table

18 Adjustable Interest Rate (AIR) Table

19 Page Three

20 Contact Information

21 Other Considerations & Receipt

22 Shopping Service Providers Can Shop For a settlement service, subject to reasonable requirements It s NOT shopping for a provider when Consumer is required to choose from a written list of providers OR If consumer voluntarily chooses from a written list of providers

23 Revised Loan Estimate (LE) Six different types of changes 1. Changed circumstances affecting settlement charges 2. Changed circumstances affecting eligibility 3. Revisions requested by consumer 4. Interest rate dependent changes 5. Loan Estimate expires 6. Delayed settlement date on a construction loan

24 Revised Disclosure-Loan Estimate If a Changed Circumstance/ Tolerance exceeded However cannot be piece-meal Must be provided to consumer within three business days of receiving information sufficient to establish the changed circumstance. Consumer must receive the revision no later than 4 days before closing May not issue after Closing Disclosure

25 New Tolerances Rule Expands zero tolerance group: Amounts disclosed on the Loan Estimate for the following services cannot increase (Zero Tolerance): 1. Transfer Taxes 2. Fees paid to the creditor or broker 3. Fees paid to an affiliate of the creditor or broker 4. Fees paid for services for which the lender or broker does not permit the consumer to shop

26 Tolerances The 10% group: Amounts disclosed on the Loan Estimate for the following services cannot increase by more than 10 percent (aggregate): 1. Third Party Fees for services: Required by the Lender The Lender provides a written list Where the Consumer may shop for the service provider, (not on the list) and The Consumer selects a provider from the Lender s written list of provider's 2. Recording Fees

27 Tolerances Unlimited Tolerance Amounts disclosed on the Loan Estimate for the following services may increase: 1. Prepaid Interest 2. Property Insurance Premiums 3. Amounts in Escrow 4. Third Party Fees for services: Required by the Lender Where the Consumer may shop for the service provider, and The Consumer selects a provider not on the Lender s written list of provider's 5. Third Party Fees for services Not required by the Lender Even if paid to an affiliate The creditor may still impose reasonable qualifications for providers. Example: Provider must be licensed

28 Tolerances- summary If required by the lender AND Paid to the lender or mortgage broker Paid to a third party required to be used by the lender Paid to a third party NOT required to be used by the lender, BUT on the lender s list AND The consumer does not select a provider so the lender chooses The consumer selects a provider from the lender s list Zero Tolerance 10% Tolerance If NOT required by the lender The consumer selects a provider NOT on the lenders list Unlimited Tolerance

29 Liability TILA Private right of action for violations (with attorney s fees and costs) Statutory penalties of up to $4,000 for failures to properly provide certain disclosures (including finance charge and APR) RESPA No private right of action for GFE and HUD-1 disclosures Dodd-Frank CFPB enforcement of consumer financial laws (incl. TILA and RESPA) $5,000 per day per violation; $25,000 per day for reckless violations; $1M per day for knowing violations

30 Questions? Thank you!

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