by Jeff Sorg | Jul 23, 2015 | Mortgage, Real Estate
Special Information Booklet (Part 5 of 5) (Jeff Sorg, OnlineEd) – A creditor must provide the special information booklet, specifically the RESPA Settlement Costs Booklet, to the consumer who applies for a consumer credit transaction secured by real property no...
by Jeff Sorg | Jul 22, 2015 | Mortgage, Real Estate
Curing Tolerances (Part 4 of 5) (Jeff Sorg, OnlineEd) – On the Loan Estimate, certain charges are not subject to a tolerance limitation. This means that the amount charged the consumer may exceed the amount disclosed on the Loan Estimate by any amount. Examples...
by Jeff Sorg | Jul 21, 2015 | Mortgage, Real Estate
The New Closing Disclosure Form (Part 3 of 5) (Jeff Sorg, OnlineEd) – The Closing Disclosure integrates and replaces the final Truth-in-Lending disclosures and the RESPA HUD-1. In general, the Closing Disclosure sets forth the actual terms and costs of the...
by Jeff Sorg | Jul 20, 2015 | Mortgage, Real Estate
The New Loan Estimate Form (Part 2 of 5) (Jeff Sorg, OnlineEd) – The Loan Estimate is a three-page form that replaces the initial Truth-in-Lending disclosure and the RESPA Good Faith Estimate (GFE). The purpose of this new form is to provide consumers with a...
by Jeff Sorg | Jul 17, 2015 | Mortgage, Real Estate
The Consumer Financial Protection Bureau is requiring the use of a new TILA-RESPA integrated disclosure as of October 3, 2015 (Part 1 of 5) (Jeff Sorg, OnlineEd) – The Consumer Financial Protection Bureau (CFPB) is requiring the use of a new TILA-RESPA...