• became effective 6/20/75
• HUD promulgated Regulation X, which is now implemented by the CFPB

• our origination charge
• your credit or charge (points) for the specific interest rate chosen (after you lock in your interest rate)
• your adjusted origination charges (after you lock in your interst rate)
• transfer taxes

• Required services that we select
• title services and lender's title insurance (if we select them or you use companies we identified)
• Owner's title insurance (if you use companies we identify)
• required services that you can shor for (if you use companies we identify)
• government recording charges

• required services that you can show for (if you do not use companies we identify)
• title services and lender's title insurance (if you do not use companies we identify)
• owner's title insurance (if you do not use companies we identify)
• initiall deposit for your escrow account
• daily interest charges
• homeowner's insurance

Property address

Estimated value

Name

Credit/SSN

Income

Loan amount

RESPA

Disclosure Name & Due Date

• GFE - w/in 3 business days of application
• Settlement Cost Information Booklet (Special Info Booklet) - w/in 3 days of application
• Mortgage Servicing Disclosure Statement - w/in 3 days of application
• HUD-1 - 1 day prior to closing
• Initial Escrow Statement - w/in 45 days from closing
• AFBA Disclosure - at time of referal
• Servicing Transfer Statement - w/in 15 days prior to transfer
• Annual Escrow Statement - annually

TILA

Disclosure Name & Due Date

• TIL - w/in 3 buss dys of application
• CHARM booklet - w/in 3 buss dys of application
• When Your Home Is On the Line - w/in 3 buss dys of application
• Notice of Right to Rescind NORTC - at closing

ECOA

Disclosure Name & Due Date

• Notice of Action Taken - w/in 30 days of completed application
• Notice of Adverse Action - w/in 30 days of completed application
• Notice of Imcomplete Application - w/in 30 days of completed application
• Notice of Right to Receive an Appraisal - at the time of adverse action
• Disclosures for Government Monitoring - w/in 30 days of completed application

• Truth in Lending Act TILA - Regulation Z
• Mortgage Disclosure Improvement Act MDIA
• Home Ownership and Equity Protection Act HDMA - Regualtion C
• Real Estate Settlement Procedures Act RESPA - Regulation X
• Homeowners Protection Act HPA
• Equal Credit Opportunity Act ECOA - Regulation B

• interest, time proce differential, and any amount payable under an add-on discount system of additional charges
• service, transaction, activity, and carrying charges, including any charge imposed on a checking or other transaction account to the extent that the charge exceedds the charge for a similar account withoug a credit feature
• points, loan fees, assmption fees, finder fees and similar charges

• name of the lender/creditor
• notice of right to receive an itemization of the amount financed, including the principal amount, all finance charges detailed and any discounts, points, fees, mortgage insurance premiums, etc that are financed
• number, amount, and timing of payments scheduled to repay the obligation
• new layment, late payment and prepayment provisions
• description and identification of the security
• whether the loan may be assumed by a subsequent buyer
• notice that consumers may be able to refinance to a lower rate and corresponding monthly payment
• payment summary table indicating initial interst rate and corresponding monthly payment

• regular transactions (30 yr fixed) - 1/8% or 0.125
• irregular transactions (anything else) - 1/4% or 0.25

• annual percentage rate
• finance charge
• amount financed
• total of payments

Mortgage Disclosure Improvement Act 3/7/3 Rule

MDIA

• initial disclosure must be given (or placed in the mail) within 3 bussiness days or receipt of a completed application
• the earliest a loan can close is on the 7th business day after disclosures are delivered/mailed
• any corrected TIL disclosures must be received by the consumer at least 3 business days before the loan is closed

1. current income or assets
2. current employment status
3. borrower's credit history
4. monthly payment for the mortgage
5. borrower's monthly payments on other simultaneous mortgage loans
6. monthly payments for other mortgage-related expenses (taxes, isurance)
7. other debt of the borrower
8. month debt payment, including the mortgage, compared to the borrower's monthly income

• no excess upfront points or fees
• no toxic loan features

(OWNER OCCUPIED)

• HELOC
• home improvement loans
• refinances
• home equity loan

• Amount of the down payment (20% down)
• Amount of any payment (only $700 per month)
• number of payments (only 360 payments)
• period of repayment (30 yr financing)
• amount of finance charge (1% finance charge)

• implying to an appraiser that current or future retention of the appraiser depends on the amount at which the appraiser values a consumer's principal dwelling
• excluding an appraiser from consideration for future engagement because the appraiser reports a value of a consumer's principal dwelling that does not meet or exceed a minimum threshold
• telling an appraiser a minimum reported value of a consumer's principal dwelling that is needed to approve the loan
• failing to compensate an appraiser because the appraiser foes not value a consumer's principal dwelling at or above a certain amount
• conditioning an appraiser's compensation on a loan closing

• VA loans
• FHA loans
• loans with lender paid PMI, although these loans do require an upfront desclosure to the borrower

• once LTV is at 80% or less
• good payment history
• not taken out other loans on property
• not experienced a decline in value of home

L

_______________________

value or sales price

(the lessor of the two)

1st + 2nd

_________________________

value or sales price

(the lessor of the two)

Automatic PMI Cancellation - High Risk Loans

Conforming

Automatic PMI Cancellation - High Risk Loans

Nonconforming Loans