Sentences with phrase «receipt of your loan application»

Within 24 hours of receipt of your loan application, we will provide you a written offer disclosing all terms in a clear, easy to understand manner.

Within 24 hours of receipt of your loan application, we will provide you a written offer disclosing all terms in a clear, easy to understand manner.

Not exact matches

Under the Truth - in - Lending Act lenders within three days of receipt of the application must give the borrowers a Truth and Lending Statement, which disclosures the Annual Percentage Rate (APR) on the loan — a measure of the cost of credit, expressed as a yearly rate.

** for simpleloan eligible loan applications, northpointe bank will issue a clear - to - close status within 15 business days from the receipt of the borrower's complete application (signed disclosure package and income documents) or rebate the borrower $ 300.00.

For many home buyers, the period of time between the submission of the loan application and receipt of the commitment letter is one of uncertainty and concern.

Upon receipt of your application, your employer / hospital will receive electronic notification and be asked to verify the amount of money committed to your loan repayment.

Under this act the lender within three days of receipt of the application must give the borrower a Good Faith Estimate of settlement costs, which lists the charges the buyer is likely to pay at settlement, and a Mortgage Servicing Disclosure Statement, which discloses to the borrower whether the lender intends to service the loan or transfer it to another lender.

Under the Truth - in - Lending Act lenders within three days of receipt of the application must give the borrowers a Truth and Lending Statement, which disclosures the Annual Percentage Rate (APR) on the loan — a measure of the cost of credit, expressed as a yearly rate.

Additional documents you can expect the lender will require you to sign include, a TRID Notice, a uniform residential loan application, a good faith estimate, a truth - in - lending disclosure statement, an acknowledgment of receipt of home ownership counseling notice, home ownership counseling list, an authorization for the social security administration (ssa) to release social security number (ssn) verification, a notice of right to receive a copy of appraisals, authorization to release information, a mortgage brokerage business contract, notice to the home loan applicant credit score information disclosure, affidavit of occupancy, anti-coercion statement, equal credit opportunity act disclosure, flood disaster protection act of 1973 disclosure, mortgage loan origination agreement, patriot act information disclosure, privacy policy disclosure, servicing disclosure statement, IRS Form 4506 - T — Request for Transcript of Tax Return, Florida mortgage brokerage fee agreement, and an informed consumer choice disclosure notice.

The Bureau has concluded that applying the specific definition of business day to the timing requirement to provide the original Loan Estimate within three business days of receipt of an application under § 1026.19 (e)(1)(iii) would impose significant compliance costs on creditors that are not currently open for business on Saturdays, especially small creditors.

Further, basing coverage on whether real estate secures the transaction will facilitate compliance because creditors will not have to identify the size of the property before or upon receipt of an application to determine whether a Loan Estimate must be provided.

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.

A large bank commenter expressed support for using the specific definition of business day for purposes of determining the amount of time a creditor has to deliver the Loan Estimate after receipt of a consumer's application because applying different definitions of business day is confusing to creditors, consumers, and other participants in the settlement process.

In addition, although the Closing Disclosure also performed better than the current final TILA disclosure and RESPA settlement statement with respect to questions that did not require such comparison and merely required respondents to identify or understand the final loan terms and costs, see Kleimann Quantitative Study Report at 47 - 48, the Bureau believes that the consumer confusion that would result upon receipt of a disclosure three business days before consummation that is substantially different from that received at application would outweigh any such benefit.

Accordingly, the final rule requires, among other things, that an integrated Loan Estimate be provided to consumers within three business days after receipt of the consumer's application to replace the early TILA disclosure and RESPA GFE, and that an integrated Closing Disclosure be received by consumers at least three business days prior to consummation to replace the final TILA disclosure and RESPA settlement statement.

The Bureau also believes that the Loan Estimate is a better shopping tool for consumers than informal estimates provided to consumers prior to receipt of the consumers» application, [374] because the Loan Estimate was developed through an extensive consumer testing and design process and will present information regarding loans provided by different creditors in a standardized format (unlike informal estimates) and because certain costs disclosed in the Loan Estimate are subject to limitations on increases, as described below.

Recognizing that consumers may work more closely with a mortgage broker, under the final rule and similar to the current rules, either a mortgage broker or creditor is required to provide the Loan Estimate form upon receipt of an application by a mortgage broker.