Sentences with phrase «requirements on creditors»
Similarly, settlement agent commenters recommended that the Bureau impose requirements on creditors to provide timely and accurate information to ensure settlement agents have sufficient time to prepare settlement costs on the Closing Disclosure.
https://www.federalregister.gov/ Not exact matches
Creditors have set payment requirements based on your balance, as well as minimum dollar amounts they deem acceptable.
At a Chapter 13 confirmation hearing, required as the basis for the order approving the plan and ordering the creditors to accept it (the hearing is called a section 341 hearing, or simply, â $ the three forty - oneâ $), the court either approves or disapproves the debtorâ $ ™ s repayment plan, depending on whether it meets the Bankruptcy Codeâ $ ™ s requirements for confirmation.
We take the proposed total payout, based on expected realizations and creditor requirements, and divide it by the number of months in the length of your proposal.
The CFPB rule defines a «qualified mortgage» that is presumed to meet the ability to repay requirements as one «for which the «creditor» underwrites the loan, taking into account the monthly payment for mortgage - related obligations, using: The maximum interest rate that may apply during the first five years after the date on which the first regular periodic payment will be due.»
Notice Connect, a website for estate trustees in Canada to post legal notices to creditors upon someone's death, has been recognized by the Ontario Superior Court on July 7, in a court order, as satisfying requirements of the Trustee Act for the estate trustee's duty to advertise for creditors.
As noted above, in the proposal, the Bureau stated its belief that settlement agent costs in connection with providing the Closing Disclosure would be similar to costs imposed on creditors by the Closing Disclosure requirement.
Since the descriptions can vary from jurisdiction to jurisdiction and creditor to creditor, while still meeting the requirement that each item be described, there does not appear to be any method to order the items without defining every service provided in residential real estate transactions and requiring a specific description of such service on the disclosures.
In addition, though the finance charge is not disclosed on the Loan Estimate, creditors must, in order to comply with the record retention requirements in § 1026.25, document the finance charge used to calculate the APR disclosed on the Loan Estimate.
The Bureau is concerned that creditors and settlement service providers that currently do not operate on Saturdays, especially smaller entities such as community banks, credit unions, and settlement agents, could disproportionately bear the operating and compliance costs caused by the final rule treating Saturday as a business day for the original Loan Estimate delivery requirement.
Alternatively, the final rule may encourage creditors to allow borrowers to choose settlement service providers that are not on a list provided to the borrower so that the zero percent tolerance requirement would not apply.
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.
Additionally, creditors may not recommend or encourage default on prior loans, impose large late fees, accelerate debt, finance prepayment fees or penalties, points, or fees or structure a loan to avoid such requirements.
Based on these comments, in particular the comment by the State trade association suggesting that owner's title insurance be disclosed when required by the creditor, the Bureau considered removing any requirement to disclose a non-required owner's title insurance premium on the Loan Estimate for purchase transactions rather than merely revising the proposed notation associated with the owner's title insurance premium.
For guidance on disclosure and calculation of the total interest percentage on the Closing Disclosure, proposed comment 38 (o)(5)-1 would have referred creditors to the requirement to disclose the total interest percentage on the Loan Estimate, found in § 1026.37 (l)(3) and its commentary.
Lastly, the final rule does not impose explicit requirements on mortgage brokers with respect to providing application information to the creditor and to establishing additional conditions that mortgage brokers must satisfy before they issue a Loan Estimate.
To prevent unnecessary closing delays, the final rule clarifies that, consistent with other Regulation Z disclosure requirements under § 1026.17, where the creditor does not have the actual terms, the creditor may provide an estimate based on the best information reasonably available to the creditor on the originally provided Closing Disclosure.
The amount disclosed for an owner's title insurance premium pursuant to § 1026.37 (g)(4) is based on a basic owner's policy rate, and not on an «enhanced» title insurance policy premium, except that the creditor may instead disclose the premium for an «enhanced» policy when the «enhanced» title insurance policy is required by the real estate sales contract, if such requirement is known to the creditor when issuing the Loan Estimate.