Disclosures, Timeline, Retention, & Fines Flashcards
What is the record retention for the ABA?
5 years
Loan servicers must respond to “qualified written request” in…
5 days
How long do loan servicers have to investigate and respond to a request?
30-45 days
Penalties of section 8 of RESPA
$10,000 and/or 1 year of prison
Treble damages?
section9?
If we have PENCIL we must provide…
Initial disclosures in 3 business days
GFE or Good Faith Estimate
Within 3 days of application
HUD-1 or Uniform settlement statement
Due at closing or 1 day prior if the borrower requests
Homeownership Counseling Organizations
Due within 3 business days of application
Mortgage Servicing Disclosure Statement (MSDS) aka Initial Servicing Disclosure Statement (ISDS)
Due within 3 business days of application
Special information Booklet aka Settlement Cost Information Booklet (SCIB)
Due within 3 business days of application
Initial Escrow Statement
Due within 45 days of closing
Annual Escrow Statement
Due annually
Service Transfer Statement
15 days before transfer and 15 days after transfer
Affiliated Business Arrangement
Due at the time of referral
Document retention for LE?
3 years (3 pages)
Document retentions for CD?
5 years (5 pages)
When should the LE be sent?
ASAP
When must the LE be sent?
3 business days
What must the CD be sent?
3 business days prior to close
When must a revised LE be sent out?
4 days before close
How long is the term of an LE good for?
10 days
Can you send the LE and CD on the same day?
NO, LE has a 7 day waiting period before closing.
When must the Open End Credit disclosure be sent?
3 business days of application