Sentences with phrase «loan under current regulations»
After a strategic default deed in lieu of foreclosure, the mandatory wait to get a new mortgage is four years for a conforming (Fannie Mae or Freddie Mac) loan under current regulations.
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Under current regulations, a program's eligibility for federal grants and loans is tied to its graduates» debt - to - earnings ratio.
Under current regulations, a PLUS loan applicant is considered to have an adverse credit history if the credit report shows that the applicant is 90 days delinquent on any debt, or has been the subject of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write - off of a title IV, HEA program debt in the five years preceding the date of the credit report.
For some parents and graduate and professional students who would be denied PLUS loans under the current standards, the final regulations will allow them to borrow a PLUS loan.
Under current regulations, any student loan debt that is forgiven is treated as taxable income.
HUD and the Federal Reserve have also asked the public to submit opinions on whether regulations relating to home mortgage loan disclosures should be changed under current law or whether Congress should be asked to amend the law.
Accordingly, to preserve the flexibility in current Regulation X, the Bureau proposed § 1026.19 (e)(1)(ii) to permit the mortgage broker to provide the Loan Estimate, subject to certain limitations, pursuant to the Bureau's authority under TILA section 105 (a) and, with respect to residential mortgage loans, Dodd - Frank Act section 1405 (b).
The CFPB recognizes that this requirement is different from the current requirements under Regulation X, which does not require a creditor to maintain these documents if the creditor disposes of its interest in the mortgage loan and does not service the mortgage loan.
As discussed more fully in the section - by - section analysis of § 1026.2 (a)(3) above, under current regulations, the receipt of the following information by the creditor or mortgage broker constitutes receipt of an «application»: (1) Borrower's name; (2) borrower's monthly income; (3) borrower's social security number to obtain a credit report; (4) the property address; (5) an estimate of the value of the property; (6) mortgage loan amount sought; and (7) any other information deemed necessary by the creditor.
As discussed more fully in the section - by - section analysis of § 1026.2 (a)(3), under current regulations, the receipt of the following information by the creditor or mortgage broker constitutes receipt of an «application»: (1) Borrower's name; (2) borrower's monthly income; (3) borrower's social security number to obtain a credit report; (4) the property address; (5) an estimate of the value of the property; (6) mortgage loan amount sought; and (7) any other information deemed necessary by the creditor.
In addition, the final rule requires creditors and mortgage brokers to retain documentation sufficient to show their supervisory agencies that one of the exceptions applies whenever a cost for a service provided by a company that is owned by or affiliated with the creditor proves to be higher than estimated in the Loan Estimate in excess of the tolerances under § 1026.19 (e)(3) and a revised Loan Estimate is provided, similar to the current document retention requirements under Regulation X for when the RESPA GFE is reissued.