Disclosure Requirements and Timeline Flashcards
Loan Estimate
Law: TILA
REG: Z
Timeline: Within three business days of application.
CHARM Booklet
Law: TILA
REG: Z
Timeline: Within three business days of application. (ARM transactions only)
Mortgage Loan Servicing Disclosure
Law: RESPA
REG: X
Timeline: With in three business days of application.
CFPB’s Home Loan Toolkit
Law: RESPA and TILA
REG: X and Z
Timeline: Within three days of business application. (purchases only)
Right of Rescission Disclosure
two copies to each title holder
Law: TILA
REG: Z
Timeline: Generally given at closing but must be provided in all cases before the three-day rescission right begins.
Closing Disclosure
Law: TILA
REG: Z
Timeline: At least three business days prior to closing.
Initial Escrow Account Disclosure
Law: HOEPA (TILA)
REG: Z
Timeline: List must contain the 10 counselors closest to the borrower. Due within 3 business days of application.
Annual Escrow Account Disclosure
Law: RESPA
REG: X
Timeline: Once per year
Servicing Transfer Statement
Law: RESPA
REG: X
Timeline: At least 15 days before serving is transferred.
Affiliated Business Arrangement Disclosure
Law: RESPA
REG: X
Timeline: When the referral is made to the business, UNLESS a lender requires the use of a certain provider - then it must be done at application.
Privacy Policy Notice
Law: Gramm-Leach-Bliley
REG: N/A
Timeline:
1. at first contact
2. Once per year (for as long as the person remains your customer).
3. When it changes (as long as the person remains your customer).
