2 TRID Overview What is the Integrated Disclosure Rule? Combination of RESPA and TILA disclosures Purpose is to create disclosures that are easier to understand and use Effective date is August 1, 2015 October 3, 2015
3 TRID Overview What are the major changes: New tolerance levels for certain fees quoted New pre-disclosure rules Use of the Loan Estimate (LE) and Closing Disclosure (CD) forms The rule is very specific about what information must be included and when, how the information should appear based on the individual transaction parameters
4 TRID Overview TRID changes are not just about 2 new disclosures. There are fundamental workflow changes; particularly when it comes to closing. Fundamental mortgage lending disclosures that have been in place for decades have changed. New timelines, waiting periods, delivery requirements, enhanced definitions, and redefining of roles & responsibilities.
5 TRID Overview Effective for applications received on or after October 3, 2015 CFPB finalized amendments to RESPA and TILA which integrate existing disclosures and take effect with applications received on or after Although the CFPB gave the industry 21 months to comply with the final changes and had clearly stated there will not be any delays or extensions in the implementation date, due to an administrative error the CFPB was forced to delay the implementation date until Oct. 3 rd. In addition, a grace period appears to have been given until Feb. The GFE and Initial TIL will be combined into one form called the Loan Estimate ( LE ) The HUD 1 and Final TIL will be combined into one form call the Closing Disclosure ( CD ) The changes are not simply about 2 new disclosures. TRID narrows what impacts an application, amends acceptable tolerances and significantly impacts the timing, delivery and workflow of key policies and procedures.
6 TRID Overview Effective for applications received on or after October 3, 2015 New disclosures are not permitted to be used on loan applications dated prior to October 3 rd, 2015 Active Pipeline will consist of two (2) different processes attention to detail is critical. Applications received on or before October 2 nd, 2015 Old Disclosures - This means the active pipeline will include two different processes (pre- TRID & TRID) Applications received on or after October 3 rd, 2015 New Disclosures - Certain loan types are not applicable. For example, the soon to be released CalHFA programs include the CalHFA 1 st mtg., the MyHome program, and the Zip program (the zip is excluded from TRID requirements)
7 TRID Definitions Application when 6 core pieces of information are obtained LE Loan Estimate form (replaces GFE and initial TIL) CD Closing Disclosure form (replaces final TIL and HUD Settlement Statement) Consummation - when the consumer becomes contractually obligated to PBM. This occurs when all borrowers sign the note and security instrument regardless of funding date. General Business Days the days PBM is open for substantially all of its business, generally Monday thru Friday excluding federal holidays Specific Business Days the days the mail is delivered by the U.S. Postal service, generally Monday thru Saturday excluding federal holidays Mailbox Rule LE or CD placed in U.S. mail is deemed to be received by the borrower 3 Specific Business Days after it is mailed.
8 Application Definition Application definition has been revised to consist of six (6) core items. 1. Borrower s name 2. Borrower s income (stated not verified) 3. Borrower s social security number to obtain credit report 4. Property Address 5. An estimate of the value of the property, and 6. Loan Amount *Note: Timeline for disclosures begins on the date in which all 6 items are obtained.
9 The Loan Estimate (LE) Overview Generally the same information as a GFE and TIL, presented in a new format Fee s are now disclosed alphabetically GFE important dates section has been removed Increased itemization of settlement charges No disclosure of lender paid broker compensation (it is on the Closing Disclosure) Broker comp is still included in the QM Points and Fees calculation New information, including enhanced projected payment table (replaces payment schedule) A new Total Interest Percentage (TIP) is also disclosed on page 3 TIP is the total amount of interest the borrower will pay over the life of the loan as a percentage of the loan amount.
10 The Loan Estimate (LE) Overview The LE must be delivered to the borrower in person, placed in the mail or sent via electronic delivery: Within 3 business days after the creditor or broker receives an application; and Within 7 business days before consummation If the LE is not provided to the borrower in person, it is considered to be received 3 business days after it is placed in the mail or sent via electronic delivery. This receipt date is important as it drives the ability to impose a fee, provide written estimates of terms or costs (i.e. Fee Worksheet), and require documents for verification
11 Providing the Loan Estimate (LE) Once the Broker/LO has received the 6 core items of a TRID application, a Loan Estimate must be sent to the applicant within 3 business days. Generating Loan Estimate Options: Provident Bank Mortgage provides two (2) options to the broker. 1. Broker prepares and delivers LE to borrower(s) 2. Broker requests the LE be prepared and delivered to the borrower(s) by PBM.
12 Broker issued Loan Estimate (LE) Once the Broker/LO has obtained the six (6) core items of a TRID application, they must prepare and deliver the Loan Estimate to the applicant. The Broker/LO should sign the 1003 as the interviewer on the date all six (6) items are known. Broker prepared Loan Estimate Broker responsible to deliver to borrower(s) within 3 business days Broker responsible to send Intent to Proceed to borrower(s) Broker responsible to send all required State and Federal Disclosures to borrower(s) Broker responsible to issue and send Settlement Service Providers List (SSPL) Broker to submit the LE with all application disclosures to PBM with credit submission Broker to submit acceptable evidence of delivery of disclosures **IMPORTANT** - Lender information and loan number on LE must be blank.
13 Providing the Loan Estimate (LE) - Restrictions No fee s may be imposed on the borrower before the borrower has received the Loan Estimate and indicated an intent to proceed with the transaction. o o Exception for a bona fide and reasonable fee for obtaining the borrower s credit report. Signing the LE does not indicate an intent to proceed Payment information may not be requested or held until the intent to proceed is provided. The creditor cannot require a borrower to submit documentation to verify information related to the application before providing the Loan Estimate. o Creditor or broker cannot refuse to accept any of the six (6) items that constitute an application to avoid the issuance of the Loan Estimate If a borrower is provided with a written estimate of terms or costs before receiving the LE: o o It must have the statement: Your actual rate, payment and costs could be higher. Get an official Loan Estimate before choosing a loan. The estimate or worksheet may not be made with headings, content, and format substantially similar to the Loan Estimate Form
14 Requested Loan Estimate (LE) prepared by PBM
15 The Loan Estimate (LE) Page 1
16 The Loan Estimate (LE) Page 1 General Information General Information Date Issued: date the Loan Estimate is mailed or delivered to the consumer. Method of delivery does not affect the Date Issued. If hand delivered or mailed the date would be the same. Property: address that will secure the transaction which must include the zip code. Sale Price or Est. Prop. Value: Purchase v. Refinance Purpose: Purchase, Refinance, Construction, or Home Equity Product: description of the loan; Fixed, ARM, I/O. Rate Lock: NO/YES
17 The Loan Estimate (LE) Page 1 Loan Terms Loan Terms Loan Amount: disclosed in whole dollars. Initial Interest Rate: if rate has no decimal then disclosed without (ex. 4%) Monthly Principal & Interest: includes dollars and cents. If applicable must include description of any future adjustments. Pre-Payment Penalty: PBM does not currently charge pre-payment penalties. Balloon Payment: PBM does not currently offer any balloon payment products.
18 The Loan Estimate (LE) Page 1 Projected Payments Projected Payments Principal & Interest: includes decimal. Mortgage Insurance: rounded and separate column will show year in which it will terminate. If loan does not have Mortgage Insurance then indicated with. Estimated Escrow: rounded with additional information shown below. Estimated Total Monthly Payment: total of above calculations and rounded. Estimated Taxes, Insurance & Assessments: total is rounded. Designated as In Escrow, YES/NO. Includes HOA, Condo Fees, etc. NOTE: MI is only listed above in the Total Monthly Payment.
19 The Loan Estimate (LE) Page 2
20 The Loan Estimate (LE) Page 2 Closing Cost Details A. Origination Charges Max 13 items permitted Points (QM process for exclusion of bona fide points remains) Application, Origination, etc. Lender Paid Compensation is NOT disclosed Zero Tolerance B. Services You Cannot Shop For Max 13 items permitted Appraisal Fee, Credit Report, Flood Determination, Upfront MI Zero Tolerance C. Services You Can Shop For Max 14 items permitted Pest Inspection, Survey, Title Fees (must start with Title ) 10% Tolerance unless paid to Creditor or Affiliate of Creditor
21 The Loan Estimate (LE) Page 2 Closing Cost Details E. Taxes and Other Government Fees Max 2 items permitted Items predefined Fees left blank may not use N/A Recording Fees = 10% Tolerance Transfer Taxes = Zero Tolerance F. Prepaids First 4 items predefined Max 7 items permitted Fees left blank may not use N/A G. Initial Escrow Payment at Closing First 3 items predefined Max 8 items permitted Fees left blank may not use N/A H. Other Max 5 items permitted Owner s Title ( Title ) Home Warranty Borrower paid real estate commission (if agreed to in sales contract) J. TOTAL CLOSING COSTS Total Loan Costs + Other Costs (D + I) Lender Credits = sum of lender credits disclosed as a negative number.
22 The Loan Estimate (LE) Page 3 Lender and Broker Information NMLS Identifier(s) Phone and Comparisons Total paid in P&I, MI, Loan Costs in 5 yrs. (NEW) APR (moved to last page) Total Interest Percentage (TIP) (NEW) Additional Disclosures Appraisal (NEW) Replaces ECOA disclosure Assumption (from TIL) Homeowner s Insurance (from TIL) Late Payment (from TIL) Refinance (from TIL w/revised verbiage) Servicing (NEW) Replaces servicing disclosure Confirm Receipt Similar disclosure from TIL Signature does not indicate Intent to Proceed.
23 Providing the Loan Estimate (LE) Tolerance Limits
24 Providing the Loan Estimate (LE) Tolerance Limits
25 Changes to the Loan Estimate (LE) Creditors are bound by the Loan Estimate and may not issue a revised LE because they later discover technical errors, miscalculations or underestimations of charges. Revisions to the LE are permitted only in certain circumstances: Changed circumstance which occurs after the LE is provided to the borrower causing settlement charges to increase more than the permitted tolerance Changed circumstance which occurs after the LE is provided to the borrower that affect the consumers eligibility for the terms for which the borrower applied or the value of collateral Revisions requested by the borrower Interest rate not locked when the LE was provided, and locking the rate would cause the points or lender credits disclosed on the LE to change Borrower indicates an intent to proceed with the transaction more than 10 business days after the original LE was provided
26 Change of Circumstances (COC) Note: These are the same as pre-trid A change of circumstance for purposes of a revised Loan Estimate is: An event beyond the control of any interested party or other unexpected event specific to the borrower or transaction Information specific to the borrower or transaction that the creditor relied upon when providing the LE and that was inaccurate or changed after the disclosures were provided New information specific to the borrower or transaction that the creditor did not rely on when providing the LE For example, a change of circumstance may be an act of war, natural disaster, or an unexpected event specific to the borrower or transaction (such as a loss of employment).
27 The Closing Disclosure (CD) Creditors must re-disclose terms or costs on the CD if certain changes occur to the transaction that cause the disclosure to become inaccurate. Three (3) categories of changes require a corrected CD containing all changed terms: 1. Changes before consummation that require a new 3 business day waiting period: o o o Disclosed APR increases by more than.125% (Fixed) or.250% (ARM) Change in loan product (Fixed to Arm) Addition of a prepayment penalty 2. Changes before consummation which do not require a new 3 day waiting period. o Costs change which do not affect the APR threshold above (i.e. HOA due, escrow, attorney fee, etc.) 3. Certain changes which occur after consummation require issuance of a revised CD o Discovery of a recording fee paid by the consumer is different from the amount disclosed on the CD
28 The Closing Disclosure (CD) Provides generally the same information as a H-1 settlement statement and Final TIL. The CD must: Generally contain the actual terms and costs of the transaction Be in writing and contain the information prescribed in such as:
29 The Closing Disclosure (CD) Page 1 Page 1 of the Closing Disclosure almost mirrors the Loan Estimate Page 1
30 The Closing Disclosure (CD) Page 2 Costs are itemized with columns indicating party and timing of payments. Loan Originator compensation paid by the creditor (lender credit) is disclosed in Paid by Others column.
31 The Closing Disclosure (CD) Page 3 Added information to show changes to costs and how cash to close was calculated.
32 The Closing Disclosure (CD) Page 4 Page 4 better illustrates and details Escrow Accounts. In addition, it clearly shows the actual cost (in dollars) for escrow waivers.
33 The Closing Disclosure (CD) Page 5 Fed Box disclosures and more contact information for the consumer on Page 5
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