the consumer's income, the consumer's income the consumer's social security number to the consumer's social security number to obtain a credit report, obtain a credit report, the property address, the property address, an estimate of the of the property, an estimate of the value of the property, the mortgage loan amount sought and the mortgage loan amount sought any information deemed necessary by the creditor OLD TIMING OF DISCLOSURES and NEW TIMING OF DISCLOSURES and – – VERIFICATION OF INFORMATION VERIFICATION OF INFORMATION Provide the GFE and early disclosures within 3 See the CFPB DISCLOSURE TIMELINE” “ business days of the application date unless the It is14 pages long, link in the Supplement request is denied in 3 business days. The applicant should not be charged a fee, The applicant should not be charged a fee, other than a credit report fee, until the GFE has other than a credit report fee, until the GFE has been provided. Verification of information been provided. Verification of information may not be done until the applicant indicates may not be done until the applicant indicates their to proceed”. If this intent is given “intent an to proceed” more than 10 business days after the Loan “intent Estimate was delivered or placed in the mail, the creditor may use a revised Loan Estimate. ADDITIONAL RESOURCES FOR INTEGRATED DISCLOSURES ARE IN THE APPENDIX COVERAGE OF FLOOD REGULATION General Rule The regulations apply when (MIRE) making, increasing, renewing or extending a loan: Secured by a building or a mobile home Located or to be located in an area determined by the Director of the Federal Emergency Management Agency to have special flood hazards. Note: Sections dealing with conducting and documenting determinations (and the fees charged for conducting a determination) apply to loans secured by buildings or mobile homes, regardless of location.
the consumer's income, the consumer's social security number to obtain a credit report, the property address, an estimate of the of the property, the mortgage loan amount sought any information deemed necessary by the creditor the consumer's income the consumer's social security number to obtain a credit report, the property address, an estimate of the value of the property, and the mortgage loan amount sought OLD – TIMING OF DISCLOSURES and VERIFICATION OF INFORMATION NEW – TIMING OF DISCLOSURES and VERIFICATION OF INFORMATION Provide the GFE and early disclosures within 3 business days of the application date unless the request is denied in 3 business days. The applicant should not be charged a fee, other than a credit report fee, until the GFE has been provided. Verification of information may not be done until the applicant indicates an “intent to proceed” See the CFPB “ DISCLOSURE TIMELINE” It is14 pages long, link in the Supplement The applicant should not be charged a fee, other than a credit report fee, until the GFE has been provided. Verification of information may not be done until the applicant indicates their “intent to proceed”. If this intent is given more than 10 business days after the Loan Estimate was delivered or placed in the mail, the creditor may use a revised Loan Estimate. ADDITIONAL RESOURCES FOR INTEGRATED DISCLOSURES ARE IN THE APPENDIX COVERAGE OF FLOOD REGULATION General Rule The regulations apply when (MIRE) making, increasing, renewing or extending a loan: Secured by a building or a mobile home Located or to be located in an area determined by the Director of the Federal Emergency Management Agency to have special flood hazards. Note: Sections dealing with conducting and documenting determinations (and the fees charged for conducting a determination) apply to loans secured by buildings or mobile homes, regardless of location.
MLOIIHOAR081815.docx